Aspen buys US crop insurer
Bermuda-based insurer and reinsurer Aspen has acquired a US specialist crop insurer.
Aspen said yesterday it had bought over AgriLogic, based in Kansas, which provides crop coverage with an integrated agricultural consultancy and which has estimated gross written premiums of $185 million.
Chris O'Kane, the group CEO of Aspen, 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 business and the company well, having provided reinsurance support to the business over a number of years.
“The development of a US agricultural 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.”
AgriLogic was founded as a consulting firm and used its expertise in the sector to move into risk management for farmers.
Mr O'Kane said: “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.”
The president and CEO of AgriLogic, Joe Davis, will continue in his role, reporting to Brian Boornazian, the chairman of Aspen Re and AgriLogic will be part of Aspen's existing reinsurance operations, led my Michael Dicker, the group head of agriculture.
Mr Davis said: “This is the start of an exciting future for AgriLogic as part of a large global company.”