Sompo International completed the acquisition of Diversified Crop Insurance Services from CGB Enterprises for $377m.

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.