Announced
Completed
Financials
Tags
crop insurance
United States
commodity brokerage
Private
Majority
grain marketing
Friendly
Single Bidder
Acquisition
Insurance Brokers
Cross Border
Completed
Synopsis
Sompo International, a speciality provider of property and casualty insurance and reinsurance, completed the acquisition of Diversified Crop Insurance Services, a crop insurance brokerage firm, from CGB Enterprises, an agro-financial and services provider, for $377m. “The acquisition of Diversified aligns with the strategic vision for our AgriSompo platform, which is to build a multinational, broad-reaching crop insurance and reinsurance business that is market-leading. Diversified will add additional capabilities and scale to our ARMtech crop insurance business and together, we will provide a level of product, technology and service to our customers and distribution partners that is unprecedented in the industry. We anticipate the transaction to close in the fourth quarter, following the receipt of all required regulatory approvals,” Chris Gallagher, Sompo CEO.
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