Aspen Insurance Holdings Limited has acquired AgriLogic Insurance Services, LLC, and certain affiliates (“AgriLogic”) for cash.
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 now provides customized risk management solutions to the agricultural community.
AgriLogic's president and chief executive officer, Joe Davis, will continue in his role, reporting to Brian Boornazian, the chairman of Aspen Re, and AgriLogic will form part of Aspen's existing reinsurance operations, led by Michael Dicker, the group head of agriculture.
Chris O'Kane, Aspen Group's chief executive officer, 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.”
Mr. Davis 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.”
Learn more: www.aspen.co.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].