Sompo International and SV SparkassenVersicherung Announce Agricultural Insurance Partnership
PEMBROKE, Bermuda and STUTTGART, Germany – December 5, 2018 – Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, and SV SparkassenVersicherung (SV), one of the largest public insurance companies in Germany, today announced that they have entered a partnership to offer innovative insurance solutions to the agriculture sector. The companies have been business partners since 2006 and have now expanded their relationship to jointly develop and deliver agriculture insurance products based on their unique capabilities in this market.
AgriSompo, Sompo International’s global agriculture platform, combines extensive technical expertise and global capabilities to deliver leading-edge insurance and reinsurance solutions to meet the needs of agribusinesses in key markets around the world. With a specialty in the agriculture sector, SV has offered tailored insurance solutions to farmers for many decades. SV’s extensive expertise across a broad range of products has enabled them to build long-term client relationships and achieve a lead market share among German agriculture producers. Working cooperatively, Sompo International and SV plan to introduce their first joint crop insurance product in early 2019.
Mr. John Charman, Chief Executive Officer and Chairman of the Board of Sompo International, commented, “We look forward to expanding our partnership with SV as we continue to increase AgriSompo’s presence in key agriculture markets worldwide. By combining Sompo International’s experience developing crop insurance products with SV’s strong customer relationships in the important German market, we will deliver innovative solutions that address the evolving insurance needs of these clients.”
Mr. Andreas Jahn, Chief Executive Officer and Chairman of the Board of SV SparkassenVersicherung stated, "Sompo and SV have been working very well together in reinsurance for many years. We know from experience that with Sompo we have a strong and reliable partner at our side with whom we can successfully expand our agricultural portfolio."
About Sompo International
Sompo International Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Through its operating subsidiaries, Sompo International writes agriculture, professional lines, property, marine, energy, casualty and other specialty lines of insurance and catastrophe, property, casualty, professional lines, weather risk and specialty lines of reinsurance. Sompo International companies are wholly owned subsidiaries of Sompo Holdings, Inc., whose core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market. We maintain excellent financial strength as evidenced by the ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard and Poor’s on our principal operating subsidiaries. Sompo International’s headquarters are located at Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Sompo International, Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda. For more information about Sompo International, please visit www.sompo-intl.com.
About SV SparkassenVersicherung
SV SparkassenVersicherung is one of the largest public insurance companies in Germany. The group headquarters are in Stuttgart. In addition to all-round protection for private individuals, another area of focus is insurance against corporate risks, whether in industry or agriculture. Here we offer companies specialized insurance solutions, comprehensive advice and fast and efficient claims settlement. We know our customers and their needs and have a close local network. As the market leader in building insurance, we insure more than two thirds of all buildings in Baden-Württemberg and Hessen. 3.9 million customers trust us to safeguard their assets. SV SparkassenVersicherung is part of the Sparkassen Finance Group and employs 5,000 office and field staff.