Aspen Group Announces Acquisition of AgriLogic Insurance Services, LLC
January 20 2016 - 7:04AM
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.
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Please visit www.aspen.co or contact:InvestorsAspenMark
Jones, Senior Vice President, Investor Relations, +1 (646) 289
4945mark.p.jones@aspen.coorMediaAspenKaren Green, Office of
the CEO, +44 20 7184 8110Karen.Green@aspen.coorInternational –
Citigate Dewe RogersonCaroline Merrell or Jos Bieneman, +44 20 7638
9571caroline.merrell@citigatedr.co.ukjos.bieneman@citigatedr.co.ukorNorth
America – Abernathy MacGregorCarina Davidson or Erin Smith, +1
(212) 371 5999ccd@abmac.comeks@abmac.com
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