Specialty re/insurer Argo Group has linked with Texas-based Marine Underwriters of America (MUA) to underwrite a suite of physical damage and liability products for
recreational marine businesses. Argo Global’s Lloyd’s Syndicate 1200 will reinsure the book. MUA will offer admitted property coverage as part of a package.
Argo Group practice leader of Marine & Energy Philip Thorpe-Apps said that the initiative “allows us to bring new, previously inaccessible premium into Lloyd’s and has provided us with a template for greater penetration into an untapped market segment.”
MUA president Mike Hartley said: “We are excited about Argo Group’s commitment to MUA in providing quality ‘A’ rated paper, experienced claims, and a commitment to providing new products and services in the coming months and years ahead. I am certain that our clients will quickly see the benefit of this partnership.”
In January MUA announced a parting of the ways with Crum & Foster’s US Fire Insurance, while at the same time announcing a deal with US-licensed Argonaut Insurance Co (a part of Argo Group) to provide admitted marine insurance products.