Sompo International buys Italian firm to expand agribusiness
Bermuda-based property and casualty re/insurer Sompo International is acquiring Italian agriculture insurance specialty company A&A, according to a Feb. 8 press release.
Sompo said that the acquisition aligns with its new initiative AgriSompo, a global platform to deliver innovative and coordinated agricultural risk management solutions tailored to local market needs. A&A will complement AgriSompo’s objective of building integrated global capabilities in the crop insurance business, both by leveraging Sompo’s agriculture insurance expertise and acquiring specialty companies in key markets.
The transaction is expected to close by March 2018 pending regulatory approvals.
Following the completion, Sompo plans to keep A&A’s current staff, structure and management team, including Giovanni Giudici as chairman and Guido Passarini as chief administrative officer.
In addition, John Charman, Sompo International CEO and chairman; Kristopher Lynn and Avery Cook, senior vice presidents of agriculture reinsurance; and Patrizio Cassinis, senior vice president and senior underwriter reinsurance, will join A&A’s board of directors.
Charman commented: “A&A is an attractive addition to our AgriSompo platform, given the A&A team’s deep technical expertise and knowledge of agriculture insurance, and their significant market share built on long-term distribution relationships throughout Italy. The acquisition of A&A will greatly accelerate Sompo International’s presence in the Italian crop insurance market and provide us with unique opportunities to introduce new products and technologies in the Italian agri-business market.”
Giudici added: “Through Sompo International’s extensive agriculture insurance capabilities and financial investment in new technologies, we will be able to provide enhanced risk solutions to the Italian agriculture community. We look forward to working closely with the Sompo International team to expand our business and provide additional value to our clients.”
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