Bermuda-based mostly property and casualty re/insurer Sompo Worldwide has reached an settlement To buy ARA 1857 S.p.A.- Assicurazioni Rischi Agricoli VMG 1857 (ARA), Definitely one of many main gamers Inside the Italian agriculture insurance coverage market.
The deal, anticipated To close by The primary quarter of 2022, will see ARA proceed working beneath The identical mannequin identify and Is predicted to poweren the agency’s agriculture e-book of enterprise in Europe by way of elevated geographical and publicity distribution.
The ARA e-book of enterprise Shall be An factor of AgriSompo, Sompo Worldwide’s internationwide agriculture platform, delivering hazard administration options Tailored to native wants throughout the agri-enterprise market.
The platform is creating further capabilities by leveraging Sompo’s agriculture insurance coverage expertise and internationwide presence.
“AgriSompo is The first multi-nationwide author of crop insurance coverage throughout the globe. The acquisition of ARA is one other strategic and welcome step in powerening our presence with new merchandise and capabilities in a key agriculture market,” said Kris Lynn, President of AgriSompo, commented,
“ARA’s trusted identify and rich historic previous Inside the Italian market, mixed with the elevated geographical footprint solidifies AgriSompo As a Outcome of the market chief in Italy.
“Sompo Worldwide plans to grant continuity in ARA’s Plan of movement. As quickly as the transmovement is full, Mr. Pier Ugo Andreini, current CEO of ARA, will be a part of as a member of The mannequin new Board of Directors.”
Mr. Pier Ugo Andreini, CEO of ARA, added, “With ARA’s current geographic unfold of enterprise and Sompo’s power internationwidely, That is typically a welcome complimentary alternative To current proceedd superior service and extreme quality insurance coverage protections to our consumers.
“With the assist of the AgriSompo platform, We’re properly poised to convey revolutionary new Providers as A pacesetter Inside the Italian crop insurance coverage market.”