Argo Group International Holdings Ltd, said it will expand its commercial surety capacity to $100 million for qualifying clients.
Separately, the Bermuda based international underwriter of specialty insurance and reinsurance products will work with SureTec Financial Corp. to offer expanded combined bond capacity for the middle market contract surety segment of up to $50 million.
The deal with SureTec builds on a relationship that both companies have had since 2011, Argo Surety said in its announcement of the deal.
Argo Surety President Josh Betz said in a statement that the new Argo/SureTec deal “provides our producers with the strong, stable platform needed in today’s contract surety marketplace.”
Argo Surety offers contract and commercial surety bonds to a variety of businesses and industries, the company said on its web site.
Argo Group International Holdings, on the other hand, was in the news in May when it appointed Axel Schmidt as group chief underwriting officer. He comes to Argo from Aviva and replaces Andrew Carrier, who will be leaving Argo this summer for personal reasons.