Argo Group International Holdings, Ltd. (NasdaqGS: AGII), an international underwriter of specialty insurance and reinsurance products, announced today that its newest subsidiary, ArgoGlobal SE, has received formal approval from local regulatory authorities to underwrite business through its branches in Spain and France. In addition to its headquarters in Malta, ArgoGlobal SE will now offer primary and excess insurance throughout the European Union through branch offices in Barcelona and Paris.
“Our presence in Malta provides us with ideal access to markets throughout the European Union,” said Emerging Markets Managing Director Nigel Mortimer. “With the branch approval process now complete, our clients will have easier access to our underwriters in three key commercial centers serving our European markets.”
ArgoGlobal SE offers professional and management liability coverages for both private and public companies. Its portfolio of products includes a full suite of directors’ and officers’ (D&O) products (full cover and A side), including broad form A side D&O wording for supervisory boards, professional indemnity (errors and omissions), pension trustee liability (fiduciary liability), employment practices liability, crime and fidelity.
ArgoGlobal SE is led by Mark Peeters, previously chief underwriting officer of Argo Group's professional lines business in Bermuda. Underwriting Manager Magnus Heimann, who joined ArgoGlobal in September 2011, will be based in the company’s Barcelona branch.Magnus Heimann can be reached at +34 93 344 33 23 or firstname.lastname@example.org. ABOUT ARGOGLOBAL SE ArgoGlobal SE was granted a license to operate by the Maltese Financial Services Authority in December 2011. All products will be written on policies issued by ArgoGlobal SE, with policies issued outside of Malta in other EU countries underwritten on a Freedom of Services or Basis or through its branch offices on a Freedom of Establishment basis. ArgoGlobal SE is rated “A” by A.M. Best. ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD. Argo Group International Holdings, Ltd. (NasdaqGS: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Argo Group's insurance subsidiaries are A. M. Best-rated 'A' (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo's U.S. insurance subsidiaries are Standard and Poor's-rated 'A-' (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.argolimited.com. FORWARD-LOOKING STATEMENTS This press release contains certain statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and also may differ materially from actual future experience involving any one or more of such statements. For a more detailed discussion of such risks and uncertainties, see Argo Group's filings with the SEC. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo Group that Argo Group's objectives will be achieved. Argo Group undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
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