Argo Group International Holdings Ltd. is winding up its operations in Miami, The Insurance Insider reported.
The move came after the carrier initiated a strategic review of its business. A company spokesperson told the outlet that the "changes are in line with Argo Group's continued focus on prioritizing and investing in the most profitable lines of business."
In 2019, Argo wrote around $12 million of business across professional liability, casualty, and marine and energy out of Miami, according to the report.
"The Latin America business accounts for a small percentage of gross written premium and cannot scale up fast enough to justify the expense of the operation," the spokesperson added.
The insurer's Brazil business will remain operational. Gary Grose, Argo's U.S.-based executive vice president, will take over the Brazilian operation's leadership.
Jorge León, Argo's head of Latin America, and his team in Miami will remain with the company as needed to help with the transition as the book goes into runoff.