Sompo expands into agriculture insurance market in Portugal and Europe

Bermuda-based specialty re/insurer Sompo International Holdings has entered into a partnership with Lisbon-based managing general agent ATLAS Segurmina to offer crop insurance solutions to the agricultural sector in Portugal.

ATLAS is said to have a deep crop insurance expertise and strong ties to the Portuguese and European crop market.

Sompo's global agriculture platform AgriSompo, will partner with ATLAS to initially offer a variety of traditional crop insurance products, and will expand into new products and coverages to help address the evolving needs of farming operations in Portugal.

Kris Lynn, chairman of AgriSompo and SVP global agriculture, Sompo International, said: “In addition to increasing AgriSompo’s presence in key agriculture markets worldwide, this new partnership will enable us to introduce innovative agriculture products and technologies tailored to this region. By combining Sompo International’s experience developing leading-edge crop insurance products with ATLAS’ strong network and reputation in the Portuguese crop market, we will deliver meaningful solutions that address the evolving insurance needs of these clients.

Frederico Bernardino, chief executive officer of ATLAS, commented: “Sompo International’s extensive agriculture insurance capabilities and breadth of products, will enable ATLAS to provide enhanced risk solutions to the Portuguese agriculture community. We look forward to working closely with Sompo International and the AgriSompo team to expand and increase our offerings, providing additional value to our mutual clients.”