HAMILTON, Bermuda--(BUSINESS WIRE)--
Aspen Insurance Holdings Limited (“Aspen” or “the Company”)
(NYSE:AHL) announced today 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 is highly respected for its product
and policy design and development services, which it provides across the
US and also internationally.
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.”
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various
domestic and global markets through its subsidiaries and offices in
Australia, Bermuda, France, Germany, Ireland, Singapore, Switzerland,
the United Kingdom and the United States. For the year ended December
31, 2014, Aspen reported $10.7 billion in total assets, $4.8 billion in
gross reserves, $3.4 billion in total shareholders’ equity and $2.9
billion in gross written premiums. Its operating subsidiaries have been
assigned a rating of “A” (“Strong”) by Standard & Poor’s Financial
Services, an “A” (“Excellent”) by A.M. Best Company Inc. and an “A2”
(“Good”) by Moody’s Investor Service, Inc.
Application of the Safe Harbor of the Private Securities Litigation
Reform Act of 1995
This press release contains "forward-looking" statements regarding
future results and events, including, without limitation, statements
regarding Aspen’s acquisition, its execution of Aspen’s strategies and
their impact on Aspen’s business plans. 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 rely on a number of assumptions,
estimates and data concerning future results and events and are subject
to a number of uncertainties and other factors, many of which are
outside Aspen’s control that could cause actual results to differ
materially from such statements. For a detailed description of
uncertainties and other factors that could impact the forward-looking
statements in this press release, please see the “Risk Factors” section
in Aspen’s Annual Report on Form 10-K for the year ended December 31,
2014 filed with the U.S. Securities and Exchange Commission on February
23, 2015. Aspen undertakes no obligation to update or revise publicly
any forward-looking statements, whether as a result of new information,
future events or otherwise.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160120005757/en/
Please visit www.aspen.co
or contact:
Investors
Aspen
Mark Jones, Senior
Vice President, Investor Relations, +1 (646) 289 4945
mark.p.jones@aspen.co
or
Media
Aspen
Karen
Green, Office of the CEO, +44 20 7184 8110
Karen.Green@aspen.co
or
International
– Citigate Dewe Rogerson
Caroline Merrell or Jos Bieneman, +44 20
7638 9571
caroline.merrell@citigatedr.co.uk
jos.bieneman@citigatedr.co.uk
or
North
America – Abernathy MacGregor
Carina Davidson or Erin Smith, +1
(212) 371 5999
ccd@abmac.com
eks@abmac.com
Source: Aspen Insurance Holdings Limited