Argo acquires Italy’s Ariscom in European expansion
Bermuda-based specialty re/insurer Argo Group International Holdings has acquired Italian specialty insurer Ariscom to expand its presence across Europe.
“Ariscom provides an established platform that we can use to efficiently expand our presence in continental Europe,” said Argo Group CEO Mark Watson III. “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.”
Following the deal, Matt Harris, head of ArgoGlobal’s European and Asian operations, will assume the role of Ariscom managing director.
“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,” Watson noted.
Jose Hernandez, head of Argo Group’s international segment, 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.”
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