Bermudian-based Sompo International Holdings Ltd, a specialty provider of property and casualty insurance and reinsurance, is creating an integrated platform to provide agriculture insurance and reinsurance solutions across the globe.

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.

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, senior vice-president of Global Agriculture, and Kristopher Lynn, senior vice-president Global Agriculture.

SIH is a wholly owned subsidiary of Sompo Holdings (Sompo Group), which is a leading global provider of agriculture insurance and reinsurance through the company’s operating subsidiaries.

In a statement the company said that 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.

Sompo currently provides agriculture insurance products to clients in a number of countries globally, however it said this new initiative will significantly expand its geographic footprint.

The initiative will be branded globally as AgriSompo, however we will continue to operate in the US as ARMtech Insurance Services, a wholly owned subsidiary of SIH and the fifth largest direct underwriter of US federally sponsored crop insurance.

The company said the new initiative will “capitalise on Sompo International’s technology platform as well as its loss adjusting and pricing expertise to offer a flexible suite of products selected to best meet client needs, including protection against yield and revenue shortfalls from single or multiple perils on a global basis. Drawing on the specialty expertise and innovative pricing system provided by Sompo Global Weather, a leading underwriter of tailored weather-driven risk management solutions, AgriSompo will offer additional products indexed to weather variables”.

John Charman, chairman and CEO of Sompo International, said: “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.

“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.”