NEW YORK – October 29, 2020 – Argo Group International Holdings Ltd. (NYSE: ARGO), an underwriter of specialty insurance and reinsurance products, today announced plans to exit the grocery and retail lines of business, which include providing general liability and self-insured retention risk management programs for grocery stores, convenience stores, restaurants and other retail businesses.
“This is another step in our ongoing efforts to simplify the business, reduce expenses and streamline operations,” explains Gary Grose, U.S. Operations executive vice president. “This is in line with the plan we announced to investors last year, which also emphasized our efforts to continue investing in lines of business with the most opportunity for significant profitability.”
The company intends to put this business into run-off immediately, resulting in a staffing reduction of approximately 20 positions from Argo Insurance and its dedicated claims team. The company will work to move some of this team into other open positions, and a few members of the team will stay on to assist with the run-off operations.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS LTD.
Argo Group International Holdings Ltd. (NYSE: ARGO) is an underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo offers a full line of products and services designed to meet the unique coverage and claims-handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group and its insurance subsidiaries are rated ‛A-’ by Standard and Poor’s. Argo’s insurance subsidiaries are rated ‛A-’ by A.M. Best. More information on Argo and its subsidiaries is available at www.argogroup.com.