Everest Re Group, Ltd., has signed a letter of intent for the sale of its U.S. crop insurance company, Heartland Crop Insurance, Inc., to CGB Diversified Services, Inc.
Upon completion of the sale, Everest will enter into a strategic long term reinsurance relationship with CGB to provide quota share reinsurance capacity on the combined crop insurance portfolio of the Diversified/Heartland companies. CGB is a crop insurance company in the United States, offering its crop insurance products and services to farmers across 38 states.
John Doucette, the president and chief executive officer of Everest's reinsurance operations, commented that CGB is “a well-respected crop insurance operation in the U.S. with strong market penetration. This alliance provides Everest access to a much broader, more diversified, crop insurance portfolio.”
Dom Addesso, the president and chief executive officer of Everest Re Group, further commented that CGB “presented us with a compelling strategic option.”
Learn more: www.everestregroup.com; www.cgb.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].