Argo targets Europe with Ariscom purchase
Argo Group International Holdings has acquired Italian specialty insurer Ariscom for an undisclosed amount.
The company said that Matt Harris, head of ArgoGlobal’s European and Asian operations, will assume the role of Ariscom managing director effective immediately.
“Ariscom provides an established platform that we can use to efficiently expand our presence in continental Europe,” said Argo Group chief executive officer Mark Watson. “Italy is one of Europe’s largest and best-performing P&C insurance markets. We’re also eager to tap into Ariscom’s existing broker and client network throughout Italy, with longer-term opportunities to develop capabilities across Europe – particularly in Spain and Portugal.”
ArgoGlobal said in the next few months it will rebrand Ariscom to highlight the strength of the new combined organisation. “Our international team has a great deal of expertise that will improve the effectiveness, efficiency and, ultimately, profitability of Ariscom,” said Jose A. Hernandez, head of Argo Group’s international segment. “We are planning an aggressive re-launch strategy and intend to deploy some of the company’s proven digital solutions to enhance the value we provide to clients.”
This transaction follows a series of recent senior leadership appointments within Argo Group’s International segment and follows last year’s acquisition of Bermuda-based reinsurer Ariel Re and addition of a new team of property underwriters from Ironshore. “We have the right team and most of the structure in place. I’m optimistic about the prospects for the future of the international business,” added Watson.