Agriculture the focus for Sompo purchase
Sompo International creates AgriSompo
Sompo International has revealed that it has completed the acquisition of Italian agriculture insurance company A&A. The acquisition was first announced on February 8, 2018.
According to Sompo the acquisition of A&A supports the strategic objective of AgriSompo, Sompo International’s global agriculture platform, to deliver innovative and coordinated risk management solutions tailored to local needs across the agri-business market. AgriSompo’s global capabilities will be developed by leveraging Sompo’s extensive agriculture insurance expertise as well as by acquiring specialty companies, such as A&A, in key agriculture markets around the world.
“We are delighted to welcome the A&A team to Sompo International,” said John Charman, Sompo International chief executive officer and chairman. “A&A’s longstanding presence as a leading specialist in the Italian crop insurance market and high quality operation complement the extensive technical expertise and global presence of AgriSompo. This new partnership will enable us to effectively introduce innovative new products and technologies tailored to the agriculture producers in this region.”
Giovanni Giudici, chairman and managing director, and Guido Passarini, chief administrative officer, will continue to manage A&A’s staff and operations. The A&A board of directors has been expanded to include Charman, Kristopher Lynn and Avery Cook, senior vice presidents of agriculture reinsurance; and Patrizio Cassinis, senior vice president and senior underwriter, reinsurance.
Sompo International, A&A, agriculture, Europe, Bermuda, John Charman