Bermudian-based insurer and reinsurer Argo Group has acquired Italian speciality insurer Ariscom.

Last year Argo acquired reinsurer Ariel Re and added a new team of property underwriters from Ironshore.

Mark Watson, chief executive officer of Argo Group, 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.”

Matt Harris, head of ArgoGlobal’s European and Asian operations, has assumed the role of Ariscom managing director. ArgoGlobal will rebrand Ariscom to highlight “the strength of the new combined organisation”.

Jose Hernandez, head of Argo Group’s international segment, said: “We are planning an aggressive relaunch strategy and intend to deploy some of the company’s proven digital solutions to enhance the value we provide to clients.”