Argo Group Announces Acquisition of Ariscom
March 13 2018 - 9:33AM
Business Wire
Argo Group International Holdings, Ltd. (NASDAQ: AGII), an
international underwriter of specialty insurance and reinsurance
products, today announced it has acquired Italian specialty insurer
Ariscom. Effective immediately, Matt Harris, head of ArgoGlobal’s
European and Asian operations, will assume the role of Ariscom
Managing Director.
“Ariscom provides an established platform that we can use to
efficiently expand our presence in continental Europe,” said Argo
Group CEO Mark E. 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.”
In the coming months, ArgoGlobal will rebrand Ariscom to
highlight the strength of the new combined organization. “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.”
This transaction follows a series of recent senior leadership
appointments within Argo Group’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.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NASDAQ: AGII) is an
international underwriter of specialty insurance and reinsurance
products in the property and casualty market. Argo Group offers a
full line of products and services designed to meet the unique
coverage and claims handling needs of businesses in two primary
segments: U.S. Operations and International Operations. Argo
Group's insurance subsidiaries are A. M. Best-rated 'A' (Excellent)
(third highest rating out of 16 rating classifications) with a
stable outlook, and Argo Group's U.S. insurance subsidiaries are
Standard and Poor's-rated 'A-' (Strong) with a stable outlook. More
information on Argo Group and its subsidiaries is available at
www.argolimited.com.
FORWARD-LOOKING STATEMENTS
This press release may include forward-looking statements, both
with respect to Argo Group and its industry, that reflect our
current views with respect to future events and financial
performance. These statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include all statements that do not
relate solely to historical or current facts, and can be identified
by the use of words such as “expect,” “intend,” “plan,” “believe,”
“do not believe,” “aim,” “project,” “anticipate,” “seek,” “will,”
“likely,” “assume,” “estimate,” “may,” “continue,” “guidance,”
“objective,” “outlook,” “trends,” “future,” “could,” “would,”
“should,” “target,” “on track” and similar expressions of a future
or forward-looking nature. All forward-looking statements address
matters that involve risks and uncertainties, many of which are
beyond Argo Group's control.
Accordingly, there are or will be important factors that could
cause actual results to differ materially from those indicated in
such statements and, therefore, you should not place undue reliance
on any such statements. We believe that these factors include, but
are not limited to, the following: 1) unpredictability and severity
of catastrophic events; 2) rating agency actions; 3) adequacy of
our risk management and loss limitation methods; 4) cyclicality of
demand and pricing in the insurance and reinsurance markets; 5)
statutory or regulatory developments including tax policy,
reinsurance and other regulatory matters; 6) our ability to
implement our business strategy; 7) adequacy of our loss reserves;
8) continued availability of capital and financing; 9) retention of
key personnel; 10) competition; 11) potential loss of business from
one or more major insurance or reinsurance brokers; 12) our ability
to implement, successfully and on a timely basis, complex
infrastructure, distribution capabilities, systems, procedures and
internal controls, and to develop accurate actuarial data to
support the business and regulatory and reporting requirements; 13)
general economic and market conditions (including inflation,
volatility in the credit and capital markets, interest rates and
foreign currency exchange rates); 14) the integration of businesses
we may acquire or new business ventures we may start; 15) the
effect on our investment portfolios of changing financial market
conditions, including inflation, interest rates, liquidity and
other factors; 16) acts of terrorism or outbreak of war; and 17)
availability of reinsurance and retrocessional coverage, as well as
management's response to any of the aforementioned factors.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180313005886/en/
Argo Group International Holdings, Ltd.Media
Contact:David Snowden, 210-321-2104Senior Vice President,
Corporate CommunicationsorInvestor Relations Contact:Susan
Spivak Bernstein, 212-607-8835SVP, Investor Relations
Argo (NYSE:ARGO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Argo (NYSE:ARGO)
Historical Stock Chart
From Apr 2023 to Apr 2024