Argo Pro, a unit of Argo Group International Holdings, Ltd. AGII has braced its professional and management liability insurance products’ offering with Asset Management Playbook. This marks an effort by Argo Pro to better serve the mutual fund and investment advisers.
Asset Management Playbook will provide coverage through a single policy for investment adviser professional liability, investment adviser management liability, investment fund management liability, employment practices liability and fiduciary liability. This new specialty insurance product will cover advisers, wealth management firms, funds and other related financial institutions from liability risks related to the services they provide. The coverage will extend up to $15 million.
Litigation, regulatory scrutiny and other liability risks are among those that are growing in the securities’ markets. This new specialty insurance product will insulate investment advisers from such risks.
Argo Group has always remained focused on expanding its capabilities to enhance its products’ offering. In February, Argo Insurance, the company’s Bermuda-based platform for worldwide professional and casualty lines launched a new excess casualty facility.
This Zacks Rank #3 (Hold) property and casualty insurer did not witness any estimate revision in over the last 60 days. However, with its efforts to ramp up its product portfolio we expect analysts to raise their estimates. The Zacks Consensus Estimate is currently pegged at $3.65 for 2015 and $3.94 for 2016, translating to a year-over-year increase of 6.6% and 7.76% respectively.
Stocks to Consider
Some better-ranked property and casualty insurers are Federated National Holding Company FNHC, Hallmark Financial Services Inc. HALL and PartnerRe Ltd PRE. Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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