News
Argo International, a specialist Lloyd’s insurer and subsidiary of Argo Group International Holdings, Ltd. (NASDAQ: AGII), today announces that it has extended its platform with the addition of marine cargo to its portfolio. Nick Derrick has been appointed as class underwriter to lead the new business, which will be written within Argo International Syndicate 1200.
Mr. Derrick comes to Argo International from Chubb Insurance Company of Europe, where he has been for 15 years and was most recently international cargo manager. In this role, he was responsible for an international marine cargo portfolio and specialized in oil majors and project cargos. He is currently the deputy chairman of the Joint Cargo Committee.
In his role at Argo International, Mr. Derrick will develop the marine cargo account and recruit specialists within the cargo team.
"We are pleased to continue our growth and development with the addition of a new class of business as well as one of the market’s leading figures to lead it,” Argo International CEO Julian Enoizi said. “This development enables us to further diversify our business, whilst building our specialist offering.”
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 high-quality products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, Reinsurance, and International Specialty. Information on Argo Group and its subsidiaries is available at www.argolimited.com.
Contact:
David Haggie/ Peter Rigby/ Henny Breakwell
Haggie Financial LLP
020 7417 8989
HERITAGE BECOMES ARGO INTERNATIONAL - JULIAN ENOIZI TAKES UP CEO POSITION
LONDON (June 02, 2009) – Argo Group International Holdings, Ltd. (“Argo Group”, NasdaqGS: AGII), an international underwriter of specialty insurance and reinsurance products, announced today that Heritage Managing Agency Ltd (“Heritage”) has been renamed Argo Managing Agency Ltd. and will conduct business under the brand name of “Argo International”. This change continues the integration of the London operation which was acquired by Argo Group in June 2008. The renaming coincides with the arrival of Julian Enoizi as Chief Executive Officer who began with Argo International on June 01, 2009.
Argo Group President and Chief Executive Officer Mark E. Watson III said: “The rebranding to Argo International and the arrival of Julian heralds a new stage in the development of our London-based international business and, indeed, the wider group. Julian’s wealth of experience in the development and transformation of businesses will be a great asset to our long-term plans for growth.”
Mr. Enoizi added: “This is an important milestone in the evolution of Argo Group and I look forward to leading the next phase of international development. With the backing of a progressive and growth-orientated parent, we will focus on building our reputation as a well-established London player and capitalise on opportunities within the Group’s expansion plans.”
ABOUT ARGO INTERNATIONAL, FORMERLY HERITAGE
Argo International is a specialist Lloyd’s insurer based in London. Its business is focused on underwriting worldwide property and non-US liability risks. The worldwide property unit concentrates on underwriting short-tail risks with an emphasis on commercial property. The unit has a flexible approach to underwriting and can identify and respond to opportuniti
Heritage also announced the departure of James Sardeson as the director of underwriting, effectively immediately.
“Andrew has done a magnificent job with Argo Re in its first full year of operation, having established a first class management team of underwriters and generating a considerable book of business,” said Mark E. Watson III, president and CEO of Argo Group. “We have seen tremendous success from Andrew’s experience and approach to underwriting. His additional role with Heritage is to help propel that business and leverage the international platform that Argo Group now has in place.”
Prior to joining Argo Group in 2007, Mr. Carrier was with Kiln for 23 years. He was the active underwriter for the Kiln Group's Catastrophe Syndicate 557 at Lloyd's, one of the market's most profitable and highly regarded syndicates. He is a widely respected member of the international insurance sector and was chairman of Lloyd's International Reinsurance Committee. He was a member of the Underwriting Advisory Committee at Lloyd's.
ABOUT HERITAGE MANAGING AGENCY LTD, MEMBER OF ARGO GROUP
Heritage is an established, specialist insurer that underwrites through Lloyd's of London. Its business is focused on underwriting worldwide property and liability risks. The worldwide property unit incorporating personal accident and international property treaty concentrates on underwriting short-tail risks with an emphasis on commercial property.
The liability unit underwrites non-US, professional in
Mr. Enoizi will join Heritage from CNA Financial where he was president and chief executive officer of CNA’s European operations. He will officially take up his new duties later this year.
“Julian’s wealth of management experience in the property and casualty market makes him an excellent choice for this role,” said Heritage Chairman David Spiller. “With his exceptional leadership skills and broad perspective, we have full confidence in his ability to lead Heritage through its next phase of growth and development.”
Mr. Enoizi has been with CNA for the last seven years, joining in 2002 as country manager for France. He was appointed to the position of president and chief executive officer for CNA Europe in 2005. Prior to working at CNA, Mr. Enoizi served in senior executive roles with AIG Europe and Chubb Insurance Company of Europe.
Argo Group’s President and Chief Executive Officer Mark E. Watson III added, “To date, Julian’s successful career has been highlighted by transforming a business, which prior to his leadership posted losses year-after-year, into a well run and attractive player in the European property and casualty market. I am delighted to have him joining our executive team and look forward to what he will bring - not only to Heritage - but to Argo Group as a whole.”
Mr. Enoizi graduated from the University of Birmingham with an LLB (Hons) degree in French Law. He holds a Diplome D’Etudes Juridiques Francaises from the University of Limoges and is fluent in French and Italian. He is active on the international speaking circuit, participating at industry c
Nick Denniston, Heritage's chief financial officer, will assume the position of CEO on an interim basis until a successor is appointed.
David Spiller, chairman of Heritage, said, "We are grateful for the contribution Richard has made in Heritage's growth and development and wish him well in his future pursuits."
ABOUT HERITAGE MANAGING AGENCY LTD, MEMBER OF ARGO GROUP
Heritage is an established, specialist insurer that underwrites through Lloyd's of London. Its business is focused on underwriting worldwide property and liability risks. The worldwide property unit incorporating personal accident and international property treaty concentrates on underwriting short-tail risks with an emphasis on commercial property.
The liability unit underwrites non-US, professional indemnity, financial institutions and directors and officers liability insurance and US specialty classes.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Headquartered in Hamilton, Bermuda, 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 high-quality products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, Reinsurance, and International Specialty. Information on Argo Group and its subsidiaries is available at www.argolimited.com.
FORWARD-LOOKING STATEMENTS
This press release contains certain statements that are "forward-looking statements" within the meaning of Section 27A of the Sec