Bermuda domiciled property and casualty insurer and reinsurer, Sompo International, has announced plans to acquire Italian agricultural insurer A&A, S.r.l. (A&A).
The acquisition of A&A is aligned with Sompo International’s recently announced AgriSompo initiative, an international platform designed to provide innovative and coordinated agricultural risk management products tailored to local market needs.
The aims of AgriSompo to build integrated global capabilities in the crop insurance sector are expected to be complemented by the acquisition of A&A, via leveraging Sompo International’s comprehensive agriculture insurance expertise and knowledge, and acquiring specialty firms in key markets.
According to an announcement on the agreement, Sompo International plans to maintain A&A’s current staff, structure and also management team. This includes Giovanni Giudici as Chairman, and Guido Passarini as Chief Administrative Officer.
Furthermore, once the deal is completed, which is expected by March 2018 subject to regulatory approval, Sompo International’s Chairman and Chief Executive Officer (CEO), John Charman, alongside Senior Vice Presidents of Agriculture Reinsurance, Kristopher Lynn and Avery Cook, and Senior Vice President and Senior Underwriter Reinsurance, Patrizio Cassinis, will join A&A’s Board of Directors.
Charman, commented; “A&A is an attractive addition to our AgriSompo platform, given the A&A team’s deep technical expertise and knowledge of agriculture insurance, and their significant market share built on long-term distribution relationships throughout Italy. The acquisition of A&A will greatly accelerate Sompo International’s presence in the Italian crop insurance market and provide us with unique opportunities to introduce new products and technologies in the Italian agri-business market.”
Giudici, added; “Through Sompo International’s extensive agriculture insurance capabilities and financial investment in new technologies, we will be able to provide enhanced risk solutions to the Italian agriculture community. We look forward to working closely with the Sompo International team to expand our business and provide additional value to our clients.”