Bermuda-based specialty re/insurer Sompo International Holdings has partnered with a Germany insurer to offer a new range of services to the agriculture sector globally.
Sompo is working with SparkassenVersicherung (SV), one of the largest public insurance companies in Germany, to jointly develop and deliver agriculture insurance products based on their unique capabilities in this market. They have worked together in a more limited capacity since 2006.
AgriSompo, Sompo International’s global agriculture platform, works with agribusinesses in around the world. With a specialty in the agriculture sector, SV has offered tailored insurance solutions to farmers for many decades. Working cooperatively, Sompo International and SV plan to introduce their first joint crop insurance product in early 2019.
John Charman, chief executive of Sompo International, said: “We look forward to expanding our partnership with SV as we continue to increase AgriSompo’s presence in key agriculture markets worldwide. By combining Sompo International’s experience developing crop insurance products with SV’s strong customer relationships in the important German market, we will deliver innovative solutions that address the evolving insurance needs of these clients.”
Andreas Jahn, chief executive of SparkassenVersicherung, added: "Sompo and SV have been working very well together in reinsurance for many years. We know from experience that with Sompo we have a strong and reliable partner at our side with whom we can successfully expand our agricultural portfolio."
Sompo International, SparkassenVersicherung, Germany, Partnetship, Agriculture, Insurance, Bermuda, Europe