The Bermuda-based Argo Group International Holdings Ltd. announced the formation of Argo Surety, to conduct surety business. The new unit remains part of Argo Group’s existing Commercial Specialty segment. Argo has appointed Robert F. Thomas as president of Argo Surety. The business will be based in Houston, TX with planned branches in California and on the East Coast by 2009.
“With over 21 years of experience in both the insurance and reinsurance markets, Bob has extensive expertise and industry knowledge in this industry segment,” noted Mike Arledge, president of Argo Group’s Commercial Specialty segment, to whom Thomas will report. “We have every confidence that under his guidance, our new surety business unit will realize not only top line growth, but more importantly, contribute to the Group’s bottom line.”
Prior to joining Argo Group, Mr. Thomas held several executive level positions simultaneously at HCC Insurance Holdings, including president and CEO of its Surety Group, CEO of its Credit Group, and president of HCC Risk Management, the organization’s ceded reinsurance administration arm. Prior to his work with HCC Insurance Holdings, Mr. Thomas held the position of president and CEO of American Contractors Indemnity Company, a California mono-line surety that was acquired by HCC in 2004. Earlier in his career, Mr. Thomas was a senior reinsurance broker, responsible for the development and servicing of property, casualty and surety business.
Argo’s president and CEO Mark E. Watson III indicated that the Company sees “real growth potential for Argo Group in the surety business.” He added that “despite a downturn in housing and commercial construction, our focus for contract surety will be opportunistic undertakings that are fairly robust yet considerably less vulnerable than the general marketplace. Surety bonds are always going to be a necessity for completion of commercial projects, such as construction of schools, hospitals, community roads and other types of infrastructure.
“Additionally, Argo Surety will pursue a diverse commercial surety portfolio serving many industries and forms of business commerce. With the dislocations in the credit and financial markets, we see an opportunity for surety to immediately contribute to Argo Group’s expansion and growth plans of our specialty products and we are excited about expanding into this class of business with a pro like Bob at the helm.”
Source: Argo Group – www.argolimited.com
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