Sompo International, a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that it has completed the acquisition of A&A, S.r.l. (A&A), a leader in the Italian agriculture insurance market since 1996. The acquisition was first announced on February 8, 2018.
The acquisition of A&A supports the strategic objective of AgriSompo, Sompo International’s global agriculture platform, to deliver innovative and coordinated risk management solutions tailored to local needs across the agri-business market. AgriSompo’s global capabilities will be developed by leveraging Sompo’s extensive agriculture insurance expertise as well as by acquiring specialty companies, such as A&A, in key agriculture markets around the world.
Mr. John Charman, Sompo International CEO and Chairman commented, “We are delighted to welcome the A&A team to Sompo International. A&A’s longstanding presence as a leading specialist in the Italian crop insurance market and high quality operation complement the extensive technical expertise and global presence of AgriSompo. This new partnership will enable us to effectively introduce innovative new products and technologies tailored to the agriculture producers in this region.”
Mr. Giovanni Giudici, Chairman and Managing Director, and Mr. Guido Passarini, Chief Administrative Officer, will continue to manage A&A’s staff and operations. The A&A Board of Directors has been expanded to include Mr. John Charman; Mr. Kristopher Lynn and Mr. Avery Cook, Senior Vice Presidents of Agriculture Reinsurance; and Mr. Patrizio Cassinis, Senior Vice President and Senior Underwriter, Reinsurance.