PEMBROKE, Bermuda, March 27, 2018 (GLOBE NEWSWIRE) -- 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.
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
