Sompo International has revealed it has reached an agreement to purchase A&A, S.r.l. (A&A), a leader in the Italian agriculture insurance market.
According to the company, the A&A acquisition aligns with its new initiative, AgriSompo, a global platform to deliver innovative and coordinated agricultural risk management solutions tailored to local market needs.
A&A will complement AgriSompo’s objective of building integrated global capabilities in the crop insurance business, both by leveraging Sompo’s extensive agriculture insurance expertise and acquiring specialty companies in key markets.
Sompo International plans to maintain A&A’s current staff, structure and management team, including Giovanni Giudici as chairman and Guido Passarini as chief administrative officer.
Once the transaction is complete, Sompo International CEO and chairman, John Charman along with other Sompo executives will join A&A’s board of directors.
The transaction is expected to close by March 2018 pending regulatory approvals.
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 stated: “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.”