Argo Group International has brokered a deal to sell its Trident Public Risk Solutions brand and underwriting platform to Paragon Insurance Holdings.
Financial details of the transaction have not been made public.
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However, Trident’s claims operations are not part of the deal.
Argo said it will provide claims services to Paragon for the public entity business.
As per the agreement, Paragon will continue to write business on Argo paper through a managing general agency agreement.
Argo Group US executive vice president Tim Carter said: “This sale will build on the partnership between Argo and Paragon Insurance, providing growth opportunities to both companies through roles that play to the strengths of each.
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By GlobalData“Paragon’s distribution reach will give Trident greater access to new markets in the public entity insurance marketplace, and Argo will be a strong partner in those endeavours.”
Argo hopes to make a pre-tax gain of about $37m from the deal.
Paragon CEO and co-founder Ron Ganiats said: “With unmatched expertise in public entity insurance and risk management, Trident is an exciting addition to our portfolio, and its underwriters will be invaluable as we work together to help the brand reach its fullest potential.
“The team at Paragon is excited to broaden our partnership with Argo as well as build on new and existing relationships with retail brokers, service providers and insurers.”
The transaction is expected to be closed in the coming months.
