|By Business Wire||
|September 3, 2014 03:01 PM EDT||
Argo Group US Inc., a subsidiary of Argo Group International Holdings, Ltd. (NASDAQ: AGII), an international underwriter of specialty insurance and reinsurance products, announced today that it has completed an investment in Gleason Technology, a technology solutions company that provides automated inspection, food safety and related capabilities to various industries in domestic and international markets. The investment by Argo Group will enable Gleason Technology to accelerate sales growth and broaden its technology offerings.
Gleason Technology’s GleasonCCPI(Critical Control Point Inspection) platform for “All Things Inspected” operates on Android devices. Through real-time on-site data capture, coupled with cloud-based storage and retrieval, clients can automate volumes of recurring tasks across locations while centralizing reporting and monitoring. Among financial and other operational benefits, this leads to enhanced compliance with regulatory standards, including OSHA health and safety, food HACCP safety, FDA-required sanitation and others. The platform supports products such as GleasonESP (Electronic Slip and Fall Prevention), used by grocery stores, supermarkets, convenience stores and other businesses to positively influence employee behavior, improve operational efficiency and reduce accidents.
“Argo Group has enjoyed a long-standing business relationship with Gleason Technology,” commented Argo Group President and CEO Mark E. Watson III. “Their innovative inspection technology solutions improve risk management and reduce costs, resulting in a strong value proposition for companies and their insurance carriers. We see this as a mutually beneficial investment given their track record and growth potential within and beyond the insurance arena.”
About Gleason Technology, Inc.
Gleason Technology, Inc., is a Johnstown, Pennsylvania-based international software solutions provider for all things inspected. Gleason Technology products are currently used in more than 1,000 client locations in 16 countries. For more information, visit www.gleasontech.com.
About Argo Group International Holdings, Ltd.
Argo Group International Holdings, Ltd. (NASDAQ: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Through its operating subsidiaries, Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Argo Group’s worldwide insurance subsidiaries are rated ‘A’ (Excellent) by A.M. Best with a stable outlook and its U.S. insurance subsidiaries are rated ‘A-’ (Strong) by Standard & Poor’s with a stable outlook. For more information, visit www.argolimited.com.
This press release contains certain statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and also may differ materially from actual future experience involving any one or more of such statements. For a more detailed discussion of such risks and uncertainties, see Argo Group's filings with the SEC. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo Group that Argo Group's objectives will be achieved. Argo Group undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
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