Argo Group’s Malta Operation
Argo Group International Holdings, Ltd., the Bermuda-headquartered underwriter of specialty insurance and reinsurance products, 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.
