Global specialty insurer and reinsurer, Argo Group International Holdings, Ltd., has announced the acquisition of Ariscom, an Italian specialty insurer.
As part of the transactions, and effective immediately, Matt Harris, Head of ArgoGlobal’s European and Asian operations, will take on the role of Ariscom Managing Director.
Mark E. Watson III, Argo Group’s Chief Executive Officer (CEO), commented: “Ariscom provides an established platform that we can use to efficiently expand our presence in continental Europe. 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.
“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.”
In the months ahead, ArgoGlobal is set to rebrand Ariscom in order to emphasise the strength of the newly combined entity.
Head of Argo Group’s International unit, Jose A. Hernandez, said: “Our international team has a great deal of expertise that will improve the effectiveness, efficiency and, ultimately, profitability of Ariscom. 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.”