Sompo launches global agriculture re/insurance platform initiative

Bermuda-based specialty property/casualty re/insurer Sompo International Holdings has launched an integrated platform initiative to provide agriculture insurance and reinsurance solutions across the globe, according to an Oct. 31 statement.

The new global platform, AgriSompo will deliver a common underwriting approach with shared expertise and technology across a range of products to farmers, agricultural insurers and a wide variety of other agribusinesses, according to the company. AgriSompo will be governed by a small group of functional experts and executive leadership from Sompo International and will be co-led by Avery Cook, SVP Global Agriculture and Kristopher Lynn, SVP Global Agriculture.

By leveraging the licenses, distribution networks, client relationships, market leading technology and specialty capabilities of the Sompo Group, AgriSompo will offer the company’s clients and cedants innovative agricultural risk management solutions tailored to local market needs, according to the statement.

“AgriSompo is one of many major initiatives that we are undertaking as we fulfil our vision to build the first truly global integrated insurance and reinsurance business,” said CEO of Sompo International John Charman.

“By leveraging our extensive specialty agriculture resources across our overseas operating subsidiaries, we will deliver the best-in-class underwriting, risk management and technical solutions. Over time, it is our intention to extend this ‘centre of excellence’ model to additional niche markets where our exceptional knowledge of these specialty risks will be a key differentiator to our clients and trading partners.”

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