BOSTON--(BUSINESS WIRE)--Programs Plus, Inc. and Innovative Risk Management, Inc. (“IRM”) each a subsidiary of One80 Intermediaries, today announced that they are moving their preferred habitational program from Colony Insurance Company (part of the Argo Group US) to Ascot Specialty Insurance Company. Ascot Specialty Insurance Company carries an AM Best rating of A (Excellent) XIV.
“There will be no changes to our current risk appetite, market presence or pricing approach,” said Stuart Stagner, managing director of IRM. “All new and renewal business effective October 1, 2024, will be making the change to Ascot. We have had a long-term relationship with the Ascot syndicate, and this was a perfect opportunity for us to grow our relationship with Ascot U.S. We thank Argo Group for all their support and especially the professional way in which they handled the transition.”
“We have supported this program since 2017 and appreciate the relationship,” said Ari Chester, head of specialty lines at Argo. “As we have reset our strategy, we determined that fronting for habitational property is not a strategic priority for Argo, so we are pleased to have been able to support IRM’s transition to a new partner.”
“The Captive/ Alternative Risk Transfer market is an important part of Ascot’s strategy as we look to expand our offerings to align with the evolving needs of the market,” said Matt Kramer, chief executive officer of Ascot US. “We look forward to partnering with Programs Plus, Inc. and IRM on this important initiative to support careful, disciplined and creative coverage solutions."
About One80 Intermediaries
One80 Intermediaries is a privately held firm with offices throughout the US and Canada. As a leading insurance wholesaler and program manager, the company offers placement services and binding authority for property & casualty, professional and personal lines, life insurance, and travel/accident and health coverages. One80 specializes in key industry verticals such as medical stop loss, cannabis captives, alternative risk, warranty coverage and lender-based insurance. One80 serves commercial companies, non-profits, public entities, individuals and associations and unions, and has access to all major insurance markets in the US, Canada, and UK. One80 has offices in more than 55 locations in the US and Canada. For more information visit www.one80intermediaries.com.
About Programs Plus
Programs Plus is a specialty program manager in the program and captive space. The habitational program provides a specialty package for apartments, condo and townhouse associations. The comprehensive coverage includes property, inland marine, crime, equipment breakdown and general liability coverages.
About Ascot
Ascot is a leading global insurance, reinsurance, and underwriting services group with over 20 years of consistency and stability, and a diverse insurance product portfolio. US insurance company affiliates within the Ascot Group are rated A (Excellent) by AM Best Company.
