TOKYO -- Japan's Sompo Holdings has agreed to acquire Italian agricultural insurer Assicurazioni Rischi Agricoli VMG 1857 as climate change drives demand for protection against increasingly frequent and severe extreme weather events.
ARA provides coverage against weather-related crop failures, including from hail, frost and droughts, and controls roughly 10% of the Italian agricultural insurance market. Sompo is expected to spend between 3 billion yen and 5 billion yen ($27.3 million and $45.5 million) on the deal.
