NU Online News Service, Jan. 4, 3:52 p.m. EST
|Everest Re Group has completed its earlier-announced acquisition of Topeka, Kan.-based managinggeneral agency Heartland Crop Insurance for $55 million plus theagreed upon value of the net assets of Heartland.
|The deal also includes an additional contingency of up to $13.5million based on future performance, Hamilton, Bermuda-basedEverest Re said.
|Heartland is a specialty underwriter of crop insurance, offeringmultiperil crop and crop-hail insurance products through itsdistribution network.
|Joseph V. Taranto, Everest Re's chairman and chief executiveofficer, said, "Heartland provides us the opportunity to grow anddiversify our insurance platform into a market that has veryattractive underwriting dynamics. The acquisition represents a keystrategic step toward building out our insurance business intoshorter-tail specialty lines and is expected to be accretive toearnings in the first year."
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