SLIEMA, Malta--(BUSINESS WIRE)--Argo Group International Holdings, Ltd. (NasdaqGS: AGII), an international underwriter of specialty insurance and reinsurance products, has announced the formation through its subsidiaries of a new insurance company in Malta. ArgoGlobal SE will operate as a domestic insurer in Malta as a platform for offering primary and excess insurance throughout the European Union.
ArgoGlobal SE is the first insurance Societas Europeas (SE) established in Malta, a country that has experienced sizable growth in the areas of finance and insurance and known internationally for its state-of-the-art system of financial services regulation. ArgoGlobal SE’s initial product offerings will be professional and management liability coverages that target both private and public companies. Its portfolio of products will include a full suite of directors’ and officers’ (D&O) products (full cover and A side), including what is believed to be the first 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.
The new venture will be led by Mark Peeters, who has been chief underwriting officer of Argo’s professional lines business in Bermuda since 2009. “We see a growing opportunity in the professional lines market in Continental Europe,” said Mr. Peeters. “With its strong regulatory environment and the ease of doing business there, Malta provides an excellent base from which we can grow in this market. By creating this complementary insurance platform, we’re better able to respond to our clients’ evolving insurance and risk management requirements.”
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 through either Freedom of Services or licensed branch offices.
ArgoGlobal SE is rated “A” by A.M. Best.
Mark Peeters can be reached at email@example.com.
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.
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.