Sompo strikes strategic partnership to expand in French crop market
Bermuda-based property and casualty re/insurer Sompo International has expanded the reach of its global agriculture platform AgriSompo through a strategic partnership with France's InVivo Group.
InVivo is a national union of 201 member cooperatives representing more than half of all farmers in France.
The partnership will see AgriSompo offer crop insurance solutions to the French agricultural market through InVivo's subsidiary Bioline Insurance.
AgriSompo offers customised traditional and parametric crop insurance and reinsurance products to all participants of the agriculture value chain, from farmers, cooperatives and input providers, to agents, brokers and insurance companies in all key markets.
Kris Lynn, chairman, AgriSompo and senior vice president, global agriculture, Sompo International, said: “By combining Sompo International’s experience developing leading-edge crop insurance products with Bioline Insurance’s strong network and reputation in the French crop market, we will have the opportunity to deliver meaningful solutions that address the evolving insurance needs of this growing market. We believe that working alongside InVivo and Bioline Insurance, we will be able to broaden our relationship and effectively introduce innovative products and technologies that support their sustainability goals.”
Florian Dupuy, CEO of Bioline Insurance, commented: “As we continue to explore unique ways to improve agricultural production while reducing and managing losses throughout the food chain, we believe the AgriSompo team with its extensive agriculture insurance capabilities and breadth of products is well positioned to work alongside our cooperative members and farmers as they look for innovative ways to manage their risks. We believe this strategic partnership will enable us to further reach our target market and provide critical crop insurance protection to the broader French agriculture market.”
