MILAN, Sept. 20 (Class Editori) -- Sompo, Japan's second insurance company, is ready to land in Italy. According to www.milanofinanza.it, the firm is about to acquire ARA 1857, a historical insurance company mainly active in the agricultural risk sector covering damages caused by hail and other atmospheric conditions.
REVO, the SPAC launched by Alberto Minali who in last July acquired Elba Assicurazioni for 160 million euros, was interested in ARA 1857 as well. However, the company led by Pier Ugo Andreini, founded in 1857 and with around 70 million euros and net assets worth about 18 million euros, will be purchased by Sompo, Japan's second insurance firm after Tokio Marine.
In recent weeks, the company has launched a new parametric insurance product to cover epidemic and pandemic risks through Sompo Global Risk Solutions (GRS), a division of the Bermuda-based specialized insurance and reinsurance Group Sompo International.
(Source:Class Editori)
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