Why Argo is committed to professional lines
Argo Group specifically targets professional lines through Argo Pro. Here, Ken Jaegge, vice president of marketing and distribution manager, Argo Group, explains why that unit is so important to the business and why talent is key to keeping it focused.
“We are actively exploring new opportunities within financial lines.”
Ken Jaegge, Argo Group
At Argo Group, there is a specific focus on professional lines, something the business writes through Argo Pro, which offers professional lines insurance for medium and large organisations on an admitted and non-admitted basis. It says the business offers it diversification and stable returns.
Ken Jaegge, vice president of marketing and distribution manager, Argo Group, says that the business is committed to supporting the growth of professional lines.
“At Argo Group, we have identified promising opportunities in professional lines within Argo Pro, particularly in the areas of miscellaneous professional liability (MPL) and accountants professional liability (APL),” he says.
“This segment of our book is crucial to generating stable returns in a market that faces less pressure than management lines. We are committed to supporting the growth of professional lines, as demonstrated by our recent investments in our team and talent. In addition, we are actively exploring new opportunities within financial lines to ensure we continue to provide our clients with comprehensive and innovative solutions.”
He adds that the company has made significant investments in the talent and innovation associated with this book of business, and now hopes to reap the rewards of that.
“Overall, we believe our focus on professional lines at Argo Pro, combined with our ongoing investments in talent and innovation, will continue to position this book for growth and success. We look forward to working with our clients and partners to navigate the challenges and opportunities of the professional lines landscape.”
Argo Pro’s leadership is also keenly aware of the need to stay on top of emerging market trends, especially in the context of companies facing increased exposure to professional and management liabilities. In a blog published recently, the company outlined five strategies they use to meet emerging challenges.
The first was monitoring trends affecting the market and their insureds. The blog noted that the company constantly monitors ever-evolving ESG standards and SEC guidelines, as well as other industry trends such as inflation—knowing they can’t control them but that they can prepare for them. “What we can control is our response to it, how we innovate, and how we build our businesses and stay ahead,” says Rich Fachet, SVP of underwriting, head of financial institutions.
The second strategy is to innovate: customising solutions to meet clients’ evolving needs. Every insured is impacted by evolving trends in different ways. “We dig deep into the particulars of each company,” says Christine Schneider, SVP of underwriting, head of public commercial. “We look at the challenges and the opportunities they have and determine proper coverage.”
The company said a third approach is to partner closely with brokers, which can allow them to find solutions where other carriers might not. Deborah Egel-Fergus, regional underwriting director, lawyers professional liability at the firm, says she often hears from brokers that the market isn’t providing coverage options their clients need. “If the carriers are cutting back capacity or if they’re pulling out of the market, we should be able together—collaboratively—to figure out a way to take advantage of those opportunities,” says Egel-Fergus.
Speed and the ability to respond quickly to fast-changing situations was the next strategy, especially as market trends can happen fast. “Argo is very nimble in spirit, and we can respond very quickly to requests by brokers and insureds,” says Schneider. “We have an exceptional team of underwriters, lawyers and actuaries to help bring positive results to insureds and brokers.”
Finally, the company flagged training the next generation to provide consistent service. “There’s an opportunity for us to continue to become trusted advisors—to train the younger folks and help educate the brokers as well,” Egel-Fergus concludes.
Image: Midjourney / Mcadoodle
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