Bermuda-based speciality re/insurer Sompo International has completed the acquisition of Italian agriculture insurer A&A.
The acquisition supports the strategic objective of AgriSompo, Sompo International’s global agriculture platform, to deliver coordinated risk management solutions tailored to local needs across the agri-business market.
Sompo plans to expand AgriSompo by leveraging the firm’s extensive agriculture insurance expertise as well as by acquiring specialty companies, such as A&A, in key agriculture markets around the world.
John Charman, Sompo International Chief Executive Officer (CEO) and Chairman commented; “we are delighted to welcome the A&A team to Sompo International. 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.
Sompo also said the A&A Board of Directors has been expanded to include John Charman; Kristopher Lynn and Avery Cook, Senior Vice Presidents of Agriculture Reinsurance; and Patrizio Cassinis, Senior Vice President and Senior Underwriter of Reinsurance.
