Argo Financial unveils first product

Argo Group, the specialist insurer and reinsurer, has launched Argo Financial Products.

AFP will will underwrite a range of financial products through Heritage Underwriting Agency Limited, which this year became a subsidiary of Argo Group.

The company will be led by newly appointed chief executive Colin Thompson, formerly at Axis Specialty.

Argo Financial has introduces its first product offering to the London Market, designed to provide clients with policy protection in the event of insurer failure. Sentinel offers protection for the duration of the policy and can be bought at inception of an insurance policy or mid-term.

Richard Pexton, chief executive of Heritage Underwriting Agency, said: “Argo Financial’s innovative product offering will be a welcome addition to the London Market, particularly at a time when policy security is of the utmost importance to clients. The specialist financial lines products which Argo Financial will write through Heritage will both enhance Argo Group’s present product set and position us well for further growth.”

Colin Thompson said: “In an increasingly uncertain financial and economic environment, our clients are understandably worried about the prospect of insurers becoming financially unstable or impaired. Sentinel has been designed to provide a cost effective form of protection for company balance sheets from insurer failure, providing our clients with the peace of mind provided by a Lloyd’s policy.”