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Global specialty property & casualty (re)insurer Sompo International has agreed to purchase Italian agriculture insurance company A&A, S.r.l.
Sompo International – which late last year launched a global platform aimed at delivering coordinated agricultural risk management solutions tailored to local markets – will see A&A complement its objective of building integrated global capabilities in crop insurance. Called AgriSompo, the recent initiative involves the acquisition of specialty firms in key locations.
“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,” noted John Charman, Sompo International chief executive and chairman. “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.”
The Bermuda-headquartered buyer said it plans to maintain A&A’s current staff, structure, and management team – including Giovanni Giudici as chairman and Guido Passarini as chief administrative officer. When the transaction closes – most likely in March – others like Charman will join A&A’s board of directors.
“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,” commented Giudici. “We look forward to working closely with the Sompo International team to expand our business and provide additional value to our clients.”
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