Connecticut-based national MGA Paragon Insurance has wrapped up the purchase of Trident Public Risk Solutions (TPRS).
The seller is Argo Group, an underwriter of specialty insurance and reinsurance products in the property and casualty market.
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The transaction enables Paragon to become one of the largest providers of commercial insurance coverage for public entities in the US.
Trident’s business will continue to benefit from Argo policy and claims services in accordance with the deal terms.
The team will continue to report to TPRS guaranteed cost division president Sue Coates, and TPRS retained limits president John Atherton.
Trident executive vice-president Timothy Carter said: “I am excited to work with the Paragon team, growing this great business and delivering tremendous value to our public entity customers.”
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By GlobalDataParagon CEO and co-founder Ron Ganiats said: “We are excited to have Trident as part of our portfolio of companies and to be growing our business with Argo Group.
“Their collective expertise in public entity insurance and risk management will create a great partnership as we continue to grow together.”
Argo Group brokered the deal to sell its Trident Public Risk Solutions brand and underwriting platform to Paragon in February this year.
Financial details of the transaction were not revealed by the companies.
