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Argo Group International Holdings Ltd. has finalized its $24.8 million acquisition of Rome-based Italian specialty insurer Ariscom Compagnia di Assicurazioni S.p.A, Argo said in a statement Tuesday.
Ariscom, which has just over 30 employees, had been placed under regulatory control last year before its acquisition by Bermuda-based specialty insurer Argo, according to documents from Italian regulators.
Matt Harris, head of ArgoGlobal’s European and Asian operations, will assume the role of Ariscom managing director, effective immediately, the statement said.
“Ariscom provides an established platform that we can use to efficiently expand our presence in continental Europe,” Argo Group CEO Mark E. Watson III said in the statement. “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.”
ArgoGlobal plans to rebrand Ariscom in the coming months to highlight the strength of the new combined organization, the statement said.
“Our international team has a great deal of expertise that will improve the effectiveness, efficiency and, ultimately, profitability of Ariscom,” said Jose A. 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.”
Hamilton, Bermuda-based Argo Group International Holdings Ltd. said Monday that preliminary pretax catastrophe loss estimates for the three-month period ended Sept. 30 would be $85 million to $100 million.