Sompo International, a property and casualty reinsurer company based in Bermuda has made an agreement for purchasing the Assicurazioni Rischi Agricoli VMG 1857 (ARA), which has been one of the leading companies in the agriculture insurance market of Italy.
The deal has been expected to be closed by the first quarter of 2022, and it is also going to be seeing ARA to continue the operations under the same name of the brand and it has also been expected for strengthening the agriculture book of business of the company in the continent of Europe through the increased exposure and geographical distribution.
The book of business of ARA is going to be a part of AgriSompo, a global agriculture platform of Sompo International, along with delivering the solutions of risk management that had been tailored to the local needs across the agriculture business market, and this platform has also been developing the additional capabilities by leveraging the agriculture insurance expertise and the presence across the globe of Sompo.
Kris Lynn, president of AgriSompo, AgriSompo has been the ranked multinational writer of the agriculture insurance across the globe, and this acquisition of the ARA has been another step in the process of strengthening their presence with the new products and the capabilities in an important agriculture market.
Kris Lynn also said, the trusted name of ARA and its rich history in the agriculture of Italy had been combined with the increased geographical company, that has been solidifying the AgriSompo as the leader in the country of Italy.
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