Bermuda-based insurance carrier
Aspen Insurance Holdings announced this week the acquisition of AgriLogic Insurance Services, a specialty insurance business in Kansas.
Founded as a consulting firm, AgriLogic has grown into an integrated agricultural consultancy with estimated gross written premiums of $185 million in 2015. The company is highly respected for its product and policy design, which it provides across the US and internationally.
By taking over the specialist US crop business, Aspen hopes to further diversify its portfolio and gain greater technical expertise in the agricultural insurance sector.
“AgriLogic has an excellent reputation, which reflects the intellectual capital, technical and risk management expertise within the company, supported by robust infrastructure,” said Aspen Group Chief Executive Chris O’Kane. “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.”
O’Kane further commented that the development of a US agriculture insurance platform is an “excellent diversification” for the company, offering attractive returns and capital requirements.
AgriLogic’s President and Chief Executive Joe Davis will continue I his role, reporting to Brian Boornazian, Chairman of Aspen Re. AgriLogic will form part of Aspen’s existing reinsurance operations, led by Michael Dicker, Group Head of Agriculture.
Davis commented that the transition will not interrupt AgriLogic’s commitment to its crop insurance agents or clients.
“We look forward to developing the business further and leveraging the expertise and experience of Aspen,” Davis said. “This is the start of an exciting future for AgriLogic as part of a large global company.”
