SOMPO International adds an Italian player to its AgriSOMPO global platform
"The A&A operation in Italy complements SOMPO International's agriculture insurance portfolio in Italy and around the world," the email said. "A&A write policies covering single or multiple perils across Italy," the company said to Best's News Service.
The A&A acquisition aligns with its recently announced new initiative, AgriSOMPO, a global platform to deliver coordinated agricultural risk management solutions tailored to local market needs, SOMPO said in a statement. "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 said.
"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," said John Charman, SOMPO International's chairman and CEO in a statement. "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."
A&A "is a leading agriculture insurance broker in Italy, managing a portfolio which amounts to about 20% of the market premiums for crop insurance, cooperating with the main Italian insurers operating on this market segment, states the company's website. The company is based in Verona and operates through an extended network in Italy.