PEMBROKE, Bermuda, Sept. 20, 2021 (GLOBE NEWSWIRE) -- 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."
Hogan Lovells provided external legal counsel to Sompo International in connection with this transaction.
About Sompo International
Sompo International Holdings Ltd. (Sompo International) is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. 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. Sompo International is a company driven by its core values, a carrier that holds promise, trust and the commitment to protect at the center of everything it does. We maintain excellent financial strength as evidenced by the ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard and Poor's on our principal operating subsidiaries. For more information about Sompo International, please visit www.sompo-intl.com .
AgriSompo is Sompo International's global agriculture platform. This platform is an integrated underwriting, technology and distribution platform delivering innovative insurance and reinsurance solutions to agriculture partners worldwide. Through operating subsidiaries, Sompo International writes agriculture, casualty and other specialty, professional lines, property, marine/energy and aviation lines of insurance and catastrophe, property, casualty, professional lines and specialty lines of reinsurance.
ContactSompo InternationalCara GallagherSVP, Marketing & CommunicationsPhone: + 1 917 421 4973Email: firstname.lastname@example.org