Sompo takes a lead in Italian agriculture with ARA acquisition

ARA specialises in crop insurance, providing coverage for losses caused by adverse weather, including hail, strong wind, frost, excess rain and drought. The acquisition will leave Sompo as the market leader for crop cover in Italy.

Pending regulatory approvals, the transaction will close in the first quarter of 2022, and ARA’s book of business will become part of AgriSompo, Sompo International’s global agriculture platform.

Kris Lynn, president of AgriSompo, said: “AgriSompo is the number one multi-national writer of crop insurance across the globe. The acquisition of ARA is another strategic and welcome step in strengthening our presence with new products and capabilities in a key agriculture market.”

He added that Pier Ugo Andreini, current CEO of ARA, will join as a member of the new Board of Directors.

Andreini said: “With ARA’s current geographic spread of business and Sompo’s strength globally, this is a welcome complimentary opportunity to provide continued superior service and quality insurance protections to our clients. With the support of the AgriSompo platform, we are well poised to bring innovative new products and services as a leader in the Italian crop insurance market.”