Argo to Open New Insurance Company in Brazil

May 26, 2011

Pedro Purm Jr. has been selected to serve as chief executive officer for its commercial property and casualty insurance operations in Brazil, announced Argo Group International Holdings, Ltd., an international underwriter of specialty insurance and reinsurance products.

Purm will oversee the creation and operation of a new insurance company, located in São Paulo, which will operate in Brazil as an indirect subsidiary of Argo Group.

Purm comes to Argo Group from Zurich Financial Services Group where he had been CEO of that company’s Brazilian operations since 1994. Prior to joining Zurich, Mr. Purm held senior positions at Safra Financial Group and Citicorp Insurance Brokers.

Argo’s Brazil product offerings will include commercial property, casualty and specialty coverages including engineering, professional, energy, cargo, marine, surety and aviation insurance.

In addition, Jose Torres has joined the Brazilian operations of its Lloyd’s of London syndicate.

Torres will develop opportunities for Argo Group’s syndicate in the Brazilian marketplace, where Lloyd’s of London is licensed as an admitted reinsurer. He will be based in Rio de Janeiro in the offices of Lloyd’s in Brazil.

Torres has more than 30 years experience in underwriting and business development, primarily in the Latin America market. Most recently, as senior vice president at the Navigators Group, he led the company’s marine and energy underwriting activities in the Latin America region.

Source: Argo Group International Holdings, Ltd.

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