Agriculture the focus for Sompo purchase
Sompo International has reached an agreement to purchase Italian agriculture insurance company A&A for an undisclosed sum.
According to Sompo the acquisition will support AgriSompo, its new global platform that aims to deliver innovative and coordinated agricultural risk management solutions tailored to local market needs.
“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,” said John Charman, Sompo International chief executive officer and chairman. “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.”
The company said that A&A will complement AgriSompo’s objective of building integrated global capabilities in the crop insurance business, allowing it to leverage Sompo’s agriculture insurance expertise and acquire specialty companies in key markets.
Sompo International added that it plans to maintain A&A’s current staff, structure and management team, including Giovanni Giudici as chairman and Guido Passarini as chief administrative officer.
The transaction is expected to close by March 2018 pending regulatory approvals, after which Charman, 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.
Giudici stated, “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.”
