Argo Insurance, a member of Argo Group International Holdings, Ltd. (NasdaqGS: AGII), announced today it will offer a private and pleasure watercraft program through its Commercial Programs unit in partnership with Osprey Special Risks Ltd., a global marine insurance underwriting agent. The program, which launches in Minnesota, Michigan and Wisconsin, will offer protection and indemnity (P&I) and hull coverage.

“We’re looking forward to adding a new class of business to our portfolio through our partnership with Osprey,” said Commercial Programs Vice President Jackie Bourret. “Our three target states account for 18 percent of all watercraft in the U.S., representing a strong market for private marine insurance. And, with their focus on niche markets and 20 years experience insuring boats and yachts, Osprey makes the ideal program administrator.”

The target risk for Argo Insurance’s Private and Pleasure Watercraft Program is fishing boats and sailboats valued at $25,000 to $250,000. Unlike Argo Insurance’s other programs that are offered through retail agents, this program will be offered primarily via an interactive website managed by Osprey. To complement this program, third-party administrator Condon Claims Management, which has long-established expertise in marine insurance claims, will provide 24/7 claims service.

“Until now, our core business focus has been on vessels based in the southeast U.S. and the Caribbean,” said Osprey Special Risks Managing Director Tony Usher. “This is a new style of business acquisition and new geographic area for Osprey. We are particularly pleased to be able to partner with Argo Insurance in this venture, given their reputation for innovation and customer service.”

As program administrator, Osprey will underwrite, rate and issue policies for the private and pleasure watercraft program from the Miami headquarters of its U.S. subsidiary, Osprey Special Risks Ltd. Inc. All policies will be underwritten on Argonaut Insurance Company paper.


Osprey Special Risks Ltd. insures yachts and boats, from small runabout pleasure craft to bareboat charter fleet, dinner cruise vessels and sightseeing ships. It is a coverholder for Lloyd’s and also has underwriting authorities with a number of major insurance companies in London and Europe. Osprey currently has a large non-admitted watercraft program in the U.S. and worldwide, targeting vessels up to $2 million in value.


Argo Insurance is a member of Argo Group International Holdings, Ltd. (NasdaqGS: AGII), 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


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.

Copyright Business Wire 2010