Aspen Announces Acquisition Of AgriLogic
Bermuda-based Aspen Insurance Holdings Limited announced today [Jan 20] that it has acquired AgriLogic Insurance Services, LLC and certain affiliates [AgriLogic] for cash in a transaction that further diversifies its portfolio of specialty insurance business and complements Aspen’s strategy of building businesses which are founded on deep technical expertise.
AgriLogic, headquartered in Kansas, is a specialist U.S. crop business with an integrated agricultural consultancy and estimated gross written premiums of $185 million in 2015.
The company was founded as a consulting firm and has leveraged this to develop a sophisticated offering predicated on in-depth technical capability and industry knowledge to provide customized risk management solutions to the agricultural community.
AgriLogic’s President & CEO Joe Davis will continue in his role, reporting to Brian Boornazian, Chairman, Aspen Re and AgriLogic will form part of Aspen’s existing reinsurance operations, led by Michael Dicker, Group Head of Agriculture.
Chris O’Kane, Aspen Group CEO, said: “AgriLogic has an excellent reputation, which reflects the intellectual capital, technical and risk management expertise within the company, supported by robust infrastructure. Like Aspen, it is also a best in class underwriting company. We know the company and its management well, having provided reinsurance support to the business over a number of years.
“The development of a U.S. agriculture insurance platform is an excellent diversification for us, offering attractive return potential with modest incremental capital requirements, which is consistent with our strategy of enhancing returns to our shareholders.”
He commented further: “AgriLogic is a great business with strong prospects and is an excellent fit for Aspen, both strategically and culturally. We look forward to working with our new colleagues from AgriLogic as part of the Aspen family.”
Joe Davis, President & CEO AgriLogic, commented: “AgriLogic is committed to building long term relationships with crop insurance agents and agricultural producers. That commitment will continue as part of the Aspen Group and we look forward to developing the business further and leveraging the expertise and experience of Aspen.”
He added: “This is the start of an exciting future for AgriLogic as part of a large global company.”
