Argo Group Worldwide Holdings Ltd. has finalized its $24.eight million acquisition of Rome-based Italian specialty insurer Ariscom Compagnia di Assicurazioni S.p.A, Argo stated in an announcement Tuesday.
Ariscom, which has simply over 30 workers, had been positioned below regulatory management final yr earlier than its acquisition by Bermuda-based specialty insurer Argo, in accordance with paperwork from Italian regulators.
Matt Harris, head of ArgoGlobal’s European and Asian operations, will assume the position of Ariscom managing director, efficient instantly, the assertion stated.
“Ariscom supplies a longtime platform that we are able to use to effectively increase our presence in continental Europe,” Argo Group CEO Mark E. Watson III stated within the assertion. “Italy is one in every of Europe’s largest and best-performing P&C insurance coverage markets.
“We’re additionally wanting to faucet into Ariscom’s present dealer and consumer community all through Italy, with longer-term alternatives to develop capabilities throughout Europe – notably in Spain and Portugal.”
ArgoGlobal plans to rebrand Ariscom within the coming months to focus on the power of the brand new mixed group, the assertion stated.
“Our worldwide crew has a substantial amount of experience that can enhance the effectiveness, effectivity and, finally, profitability of Ariscom,” stated Jose A. Hernandez, head of Argo Group’s worldwide section. “We’re planning an aggressive re-launch technique and intend to deploy a number of the firm’s confirmed digital options to reinforce the worth we offer to shoppers.”