Bermuda-based property and casualty re/insurer Sompo International has reached an agreement to purchase ARA 1857 S.p.A.- Assicurazioni Rischi Agricoli VMG 1857 (ARA), one of the leading players in the Italian agriculture insurance market.
The deal, expected to close by the first quarter of 2022, will see ARA continue operating under the same brand name and is expected to strengthen the firm’s agriculture book of business in Europe through increased geographical and exposure distribution.
The ARA book of business will be a part of AgriSompo, Sompo International’s global agriculture platform, delivering risk management solutions tailored to local needs across the agri-business market.
The platform is developing additional capabilities by leveraging Sompo’s agriculture insurance expertise and global presence.
“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,” said Kris Lynn, President of AgriSompo, commented,
“ARA’s trusted name and rich history in the Italian market, combined with the increased geographical footprint solidifies AgriSompo as the market leader in Italy.
“Sompo International plans to grant continuity in ARA’s course of action. Once the transaction is complete, Mr. Pier Ugo Andreini, current CEO of ARA, will join as a member of the new Board of Directors.”
Mr. Pier Ugo Andreini, CEO of ARA, added, “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.”