Argo Group has acquired Italian specialty insurer Ariscom as it looks to expand its presence in continental Europe.
In the coming months, ArgoGlobal 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 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,” he added.
The carrier announced that Matt Harris, head of ArgoGlobal’s European and Asian operations, will assume the role of Ariscom managing director, effectively immediately.
Commenting on the rationale of the deal, Argo Group CEO Mark Watson highlighted that Italy was 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,” he said.
This deal follows a series of recent senior leadership appointments within Argo’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.