Sompo International to acquire Italian insurer

Sompo International Holdings Ltd. announced it will purchase Italian agriculture insurer A&A S.r.l.

The transaction is expected to close by March 2018, pending regulatory approvals, according to a statement issued by Pembroke, Bermuda-based Sompo on Thursday. The terms of the transaction were not disclosed in the statement, and a spokesperson could not be immediately reached for comment.

The A&A acquisition aligns with Sompo’s new initiative AgriSompo, a global platform to deliver agricultural risk management solutions tailored to local market needs, according to Sompo.

Sompo International plans to maintain A&A’s current staff, structure and management team, including Giovanni Giudici as chairman and Guido Passarini as chief administrative officer, according to the statement.

“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,” John Charman, Sompo International CEO and chairman, said in the statement. “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. Charman and other Sompo executives will join A&A’s board of directors once the transaction is complete.

Tokyo-based parent company Sompo Holdings Inc. completed its purchase of Hamilton, Bermuda-based Endurance Specialty Holdings Ltd., for $6.3 billion in March 2017.