Sompo International, a Bermuda-based specialty of property and casualty insurance and reinsurance firm, has wrapped up the acquisition of A&A, an Italy-based agriculture insurance company.
The acquirer said that the takeover of A&A will boost the strategic objective of its global agriculture platform AgriSompo and allow the company to provide new and coordinated risk management solutions customised to local needs across the agri-business market.
Commenting on the deal, Sompo International CEO and chairman John Charman said: “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.”
Even after the acquisition, A&A’s staff and operations will continue to be managed by its chairman and managing director, Giovanni Giudici, and chief administrative officer, Guido Passarini.
Also, the acquired firm’s board of directors has been expanded to include John Charman; Kristopher Lynn and Avery Cook, senior vice presidents of agriculture reinsurance; and Patrizio Cassinis, senior vice president and senior underwriter, reinsurance.
The acquisition was originally announced in the second week of February this year.