PEMBROKE, Bermuda, Feb. 08, 2018 (GLOBE NEWSWIRE) -- Sompo International, a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that it has reached an agreement to purchase A&A, S.r.l. (A&A), a leader in the Italian agriculture insurance market since 1996. The transaction is expected to close by March 2018 pending regulatory approvals.
The A&A acquisition aligns with Sompo International's recently announced new initiative, AgriSompo, a global platform to deliver innovative and coordinated agricultural risk management solutions tailored to local market needs. 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 International plans to maintain A&A's current staff, structure and management team, including Mr. Giovanni Giudici as Chairman and Mr. Guido Passarini as Chief Administrative Officer. Once the transaction is complete, Mr. John Charman, Sompo International CEO and Chairman; Mr. Kristopher Lynn and Mr. Avery Cook, Senior Vice Presidents of Agriculture Reinsurance; and Mr. Patrizio Cassinis, Senior Vice President and Senior Underwriter Reinsurance, will join A&A's Board of Directors.
Mr. Charman commented, "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. 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."
Mr. Giudici, stated, "Through Sompo International's extensive agriculture insurance capabilities and financial investment in new technologies, we will be able to provide enhanced risk solutions to the Italian agriculture community. We look forward to working closely with the Sompo International team to expand our business and provide additional value to our clients."
About Sompo International
Sompo International is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Through its operating subsidiaries, Sompo International writes agriculture, professional lines, property, marine and energy, and casualty and other specialty lines of insurance and catastrophe, property, casualty, professional lines, weather risk and specialty lines of reinsurance. Sompo International companies are wholly owned subsidiaries of Sompo Holdings, Inc., whose core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market. We maintain excellent financial strength as evidenced by the ratings of A+ (Superior) from A.M. Best (XV size category), A (Strong) from Standard and Poor's and A2 from Moody's on our principal operating subsidiaries. Sompo International's headquarters are located at Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Sompo International, Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda. For more information about Sompo International, please visit www.sompo-intl.com.
Contact
Investor Relations
Phone: +1 441 278 0988
Email: investorrelations@sompo-intl.com
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sompo International via Globenewswire
