PEMBROKE, Bermuda, September 20, 2021 (GLOBE NEWSWIRE) – Sompo International Holdings Ltd., a Bermuda-based specialty property and casualty insurance and reinsurance provider, today announced that it has entered into an agreement to purchase ARA 1857 SpA – Assicurazioni Rischi Agricoli VMG 1857 (ARA), one of the leading companies in the Italian agricultural insurance market. The transaction is expected to close in the first quarter of 2022, pending regulatory approvals. ARA will continue to operate under the same brand and will serve to strengthen Sompo International’s agricultural business portfolio in Europe through increased geographic distribution and exposure.
ARA is an Italian insurance company mainly active and specialized in crop insurance. ARA’s roots come from Vecchia Mutua Grandine ed Eguaglianza, a mutual insurance company established in 1857. The acquisition of ARA will place AgriSompo as the leader in the Italian crop insurance market. ARA covers losses caused by various adverse weather conditions such as hail, strong winds, frost, excessive rains or drought.
ARA’s business portfolio will be part of AgriSompo, Sompo International’s global agricultural platform, offering innovative and coordinated risk management solutions tailored to local needs in the agribusiness market. AgriSompo is developing additional capabilities by leveraging Sompo’s extensive agricultural insurance expertise and global presence.
Mr. Kris Lynn, President of AgriSompo, commented: “AgriSompo is the world’s leading multinational crop insurance writer. The acquisition of ARA is another strategic and welcome step in strengthening our presence with new products and capabilities in a key agricultural market. The trusted name of ARA and its rich history in the Italian market, combined with an increased geographic footprint, consolidate AgriSompo as a market leader in Italy. Sompo International plans to provide continuity in ARA’s action plan. Once the transaction is finalized, Mr. Pier Ugo Andreini, current CEO of ARA, will join the new board of directors.
Mr. Pier Ugo Andreini, CEO of ARA, added: “With the current geographic distribution of ARA’s business and the strength of Sompo on a global scale, this is a welcome complementary opportunity to provide service. continuous superior and quality assurance protections to our customers. With the support of the AgriSompo platform, we are well positioned to deliver innovative new products and services as a leader in the Italian crop insurance market.
Hogan Lovells provided external legal advice to Sompo International in connection with this transaction.
About Sompo International
Sompo International Holdings Ltd. (Sompo International) is a global provider of property and casualty insurance and reinsurance, headquartered in Bermuda. The Sompo International companies are wholly owned subsidiaries of Sompo Holdings, Inc., whose core business is one of the largest property and casualty insurance groups in the Japanese domestic market. Sompo International is a company driven by its core values, a carrier that places promise, trust and commitment to protect at the center of everything it does. We maintain excellent financial strength as evidenced by the A + (Superior) ratings of AM Best (size category XV) and A + (Strong) of Standard and Poor’s on our main operating subsidiaries. For more information on Sompo International, please visit www.sompo-intl.com.
AgriSompo is the global agricultural platform of Sompo International. This platform is an integrated underwriting, technology and distribution platform providing innovative insurance and reinsurance solutions to agricultural partners around the world. Through operating subsidiaries, Sompo International underwrites lines of insurance for agriculture, damage and other specialties, professional, property, marine / energy and aviation and catastrophes, damage, damage, professional and specialized reinsurance lines.
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