Sompo Agrees To Purchase Assicurazioni
Sompo International has reached agreement to purchase an Italian agriculture insurance company, with the transaction expected to close within the first quarter of 2022.
A spokesperson said, “Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that reached an agreement to purchase ARA 1857 S.p.A.- Assicurazioni Rischi Agricoli VMG 1857 [ARA], one of the leading companies in the Italian agriculture insurance market.
“The transaction is expected to close within the first quarter of 2022, pending regulatory approvals. ARA will continue to operate under the same brand name and will serve to strengthen the Sompo International agriculture book of business in Europe through increased geographical and exposure distribution.
“ARA is an Italian insurance company predominantly active and specializing in crop insurance. ARA’s roots derive from Vecchia Mutua Grandine ed Eguaglianza, a mutual insurance company established in 1857. The acquisition of ARA will place AgriSompo as the market leader in the Italian crop insurance. ARA provides coverage for losses caused by various adverse weather conditions such as hail, strong wind, frost, excess rain or drought.
“The ARA book of business will be a part of AgriSompo, Sompo International’s global agriculture platform, delivering innovative and coordinated risk management solutions tailored to local needs across the agri-business market. AgriSompo is developing additional capabilities by leveraging Sompo’s extensive agriculture insurance expertise and global presence.
Mr. Kris Lynn, President of AgriSompo, commented, “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.
“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.”
