Sompo International said it has agreed to buy an Italian agriculture insurer in a bid to broaden the reach of a new, recently-launched global technology platform focused on the sector.

The Bermuda-based specialty property/casualty insurer and reinsurer expects to close its purchase of A&A, S.r.l. by March 2018. Neither side is disclosing financial terms.

A&A has been a major player in the Italian agriculture insurance market since 1996. Sompo International said it aligns with its new initiative, AgriSompo – a global platform designed to deliver innovative and coordinated agricultural risk management products tailored for local markets. Sompo wants AgriSompo in order to build integrated global capabilities in the crop insurance market. A&A will complement this goal, in part, by leveraging Sompo’s broad agriculture insurance expertise in new ways, the company said.

Plans call for Sompo International to keep A&A’s existing staff, structure and management team.

Both John Charman, Sompo International CEO and chairman, and Giovanni Guidici, the A&A chairman, said that the deal will help grow Sompo International’s presence in the Italian crop insurance market and allow Sompo to launch new products and technologies.

Sompo International first launched AgriSompo in October, with a goal of marketing agriculture insurance and reinsurance products to farmers globally. Sompo International is a subsidiary of Sompo Holdings, a property/casualty insurance group based in Japan.

Source; Sompo International