Bermuda-based international underwriter of specialty insurance and reinsurance in property and casualty Argo Group International Holdings has announced that its Trident Insurance Services unit has acquired Massamont Insurance Agency Inc.

The move will expand Argonaut's footprint into New England, US, a market previously underserved by Trident, putting the company ahead of its competitors.

It came about as a result of a managing general agency (MGA) partnership established last year.

Hilbert 'Van' Schenck II, CPCU, will assume the role of president of Trident while continuing his leadership of Massamont.

The new combined organisation will do business under the Trident and Massamont names and will have operations in San Antonio, Boston, Greenfield (Massachusetts) 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-sized public entities in the US. Under Van's leadership, I am confident that we will quickly become number one."

Massamont's successful 20-year track record in the public entity business bolsters Trident's already robust market presence. The Massamont book will also add to Argo Group's Select Markets product portfolio with additional automobile specialty programmes. The combination almost doubles the employee count to 162 and will boost gross written premium by 65 percent. Terms of the deal were not disclosed.

"Our combined companies have a culture, market expertise and a management philosophy that perfectly complement one another," said Mr. Van Schenck. "We look forward to joining such a growing, world-class international specialty organisation and know that our expanded relationship will accelerate the growth set in motion with our existing MGA."

"Since Trident's market entrance in 2001, Mike Arledge has skillfully guided Trident to its current market pre-eminence," said Mark Watson III, president and CEO of Argo Group. "Under Van's leadership, I know we will see continued success and well-paced growth."