Bermuda based specialty insurance and reinsurance firm Sompo International Holdings Ltd. (formerly Endurance) has launched AgriSompo, an initiative to create an integrated agriculture insurance and reinsurance offering across the globe.
AgriSompo will take a common underwriting approach along with shared expertise and technology to deliver a range of re/insurance products to farmers, agricultural insurers and other agri-businesses.
AgriSompo will be co-led by Mr. Avery Cook, SVP Global Agriculture and Mr. Kristopher Lynn, SVP Global Agriculture.
The initiative will make use of the global licenses, distribution networks, client relationships, market leading technology and specialty capabilities of the Sompo Group to reach opportunities worldwide, offering “innovative agricultural risk management solutions tailored to local market needs.”
Products on offer will include yield and revenue shortfall protection from single or multiple perils on a global basis.
AgriSompo will work closely with and leverage the specialty expertise and innovative pricing system of the firms Sompo Global Weather unit, a leading weather risk management solution provider, in order to offer additional products indexed to weather variables.
Mr. John Charman, Chairman and CEO of Sompo International, commented on the launch, “AgriSompo is one of many major initiatives that we are undertaking as we fulfill our vision to build the first truly global integrated insurance and reinsurance business. By leveraging our extensive specialty agriculture resources across our overseas operating subsidiaries, we will deliver the best-in-class underwriting, risk management and technical solutions. Over time, it is our intention to extend this ‘center of excellence’ model to additional niche markets where our exceptional knowledge of these specialty risks will be a key differentiator to our clients and trading partners.”
In the U.S., Sompo International will continue to operate its agricultural insurance business under the ARMtech Insurance Services brand.