Core Specialty Insurance Holdings Inc has announced that the company and its subsidiaries have entered into a series of transactions with certain subsidiaries of Argo Group International Holdings Inc.

The transactions are for the purchase of renewal rights and related unearned premium reserve for a substantial portion of Argo’s professional lines businesses.

That business, known as Argo Pro, provides professional lines insurance products with primary and excess options on admitted and non-admitted bases to a variety of segmented organisations.

Core Speciality said the business will complement two of its divisions: directors and officers management professional liability, and errors and omissions professional liability.

The company said it will not acquire any insurance company entities, and the transaction does not include loss reserves associated with Argo Pro, which will be retained by Argo.

Designated employees servicing Argo Pro have been offered employment with Core Specialty as part of the transaction.

Jeff Consolino, formerly a C-suite executive with Bermudian-based Validus Holdings and PacRe, is Core Specialty’s founder, president and chief executive.

He said: “Core Specialty’s underwriting appetite, ratings, financial strength and capital resources are well aligned to provide continuity to Argo Pro’s insureds and brokers.

“In a period of change in the D&O and E&O markets, Core Specialty is seeking to distinguish itself through our ‘bring it on’ attitude, quick action with intent, problem solving with expertise and personal accountability. I would like to welcome our new colleagues to Core Specialty.”