Bermuda-based Aspen Insurance Holdings has acquired AgriLogic Insurance Services, a specialist US crop business.
Aspen said the acquisition helps to diversify its portfolio of specialty insurance business and complements its strategy of building businesses which are founded on deep technical expertise.
AgriLogic had estimated gross written premiums of $185 million in 2015. The firm was founded as a consulting company and has leveraged this to develop a sophisticated offering predicated on in-depth technical capability and industry knowledge to provide customised risk management solutions to the agricultural community.
Joe Davis, AgriLogic’s president and chief executive officer (CEO), will continue in his role, reporting to Brian Boornazian, chairman, Aspen Re. AgriLogic will form part of Aspen’s existing reinsurance operations, led by Michael Dicker, group head of agriculture.
Chris O’Kane, Aspen Group CEO, said: “AgriLogic has an excellent reputation, which reflects the intellectual capital, technical and risk management expertise within the company, supported by robust infrastructure.
“Like Aspen, it is also a best in class underwriting company. We know the company and its management well, having provided reinsurance support to the business over a number of years.
“The development of a US agriculture insurance platform is an excellent diversification for us, offering attractive return potential with modest incremental capital requirements, which is consistent with our strategy of enhancing returns to our shareholders.”
Joe Davis, president and CEO, AgriLogic, added: “AgriLogic is committed to building long term relationships with crop insurance agents and agricultural producers. That commitment will continue as part of the Aspen Group and we look forward to developing the business further and leveraging the expertise and experience of Aspen.
“This is the start of an exciting future for AgriLogic as part of a large global company.”
Aspen Insurance Holdings, AgriLogic Insurance Services, Joe Davis, Chris O’Kane, Bermuda, North America