Argo Group International, a Bermuda-based specialty insurance and reinsurance underwriter, has acquired Italian specialty insurer Ariscom Compagnia di Assicurazioni in a deal valued at $24.8m.

Ariscom, which employs just more than 30 people, was placed under regulatory control last year.

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ArgoGlobal’s European and Asian operations head Matt Harris will assume the role of Ariscom managing director effective immediately

Argo Group CEO Mark Watson III said: “Ariscom provides an established platform that we can use to efficiently expand our presence in continental Europe.

“Italy is one of Europe’s largest and best-performing P&C insurance markets. We’re also eager to tap into Ariscom’s existing broker and client network throughout Italy, with longer-term opportunities to develop capabilities across Europe – particularly in Spain and Portugal.”

ArgoGlobal said it will rename Ariscom in future to emphasise the strength of the new combined entity.

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Argo Group head of international segment Jose Hernandez said: “Our international team has a great deal of expertise that will improve the effectiveness, efficiency and, ultimately, profitability of Ariscom.

“We are planning an aggressive re-launch strategy and intend to deploy some of the company’s proven digital solutions to enhance the value we provide to clients.”

The latest deal follows Argo Group’s acquisition of Bermuda-based reinsurer Ariel Re last year and addition of a new team of property underwriters from Ironshore.

“We have the right team and most of the structure in place. I’m optimistic about the prospects for the future of the international business,” Watson added.