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Insight has more than 4,500 policyholders and specializes in professional liability insurance for accounting professionals, architects, engineers and insurance agents. The company will operate as a separate professional liability underwriter within Argo Group and will remain a separate legal entity, continuing operations out of its Illinois headquarters.
As part of the transaction, Argonaut Insurance Company will ultimately serve as Insight's new carrier for its professional liability coverage. Insight will transition policies to the Argo Group at the time of policy renewal.
As part of Argo Group, Insight will gain direct control of claims handling with the addition of on-site claims management staff at its offices.
Shares of Argo Group fell $4.57, or 12.3 percent, to close at $32.68 Monday.
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