Bermuda re/insurer buys US-based Massamont Insurance Agency
Argo Group International Holdings has announced that its Trident Insurance Services unit has acquired Massamont Insurance Agency.
This expands Argonaut’s public entity footprint into New England, a market previously underserved by Trident. Hilbert “Van” Schenck II, CPCU, will assume the role of president of Trident while continuing his leadership of Massamont.
The transaction is the evolution of a managing general agency (MGA) partnership established last year. The new combined organisation will do business under the Trident and Massamont names and will have operations in San Antonio, Boston, Greenfield (MA) and Chicago that will maximise its capacity to write public entity risks across the country.
“The opportunities for growth and development afforded by this transaction are significant,” said Michael Arledge, president of Argonaut Select Markets, the Argo Group business segment that includes Trident and Massamont. “We are now an industry leader and the second largest writer of small-to- medium-size public entities in the US. Under Van’s leadership, I am confident that we will quickly become number one.”