Everest Re announced its intention to sale Heartland Crop Insurance to CGB DS
Everest Re Group announced yesterday that it has signed a Letter of Intent (LOI) for the sale of its U.S. crop insurance company, Heartland Crop Insurance, Inc., to CGB Diversified Services, Inc. (CGB DS) with whom, once the sale is completed, Everest will enter into a strategic long term reinsurance relationship.
Everest’s Reinsurance Operation president and chief executive John Doucette said: “We are excited to enter this strategic reinsurance partnership with CGB DS. They are 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.”
CGB DS president Ron Miller said: “CGB Diversified Services could not be more pleased to welcome the Heartland family of employees, its agents and customers to CGB.” He added: “We look forward to collectively accomplishing many of the goals we share together. Our combined strength will make us a significant force in our industry in the years ahead.”