Everest Re Group has finalised the sale of its US crop managing general agent (MGA), Heartland Crop Insurance, to CGB Diversified Services (CGB DS) for $49 million.
In conjunction with the sale, Everest has entered into a strategic long term reinsurance relationship with CGB DS, to provide quota share reinsurance capacity on the combined crop insurance portfolio of the Diversified/Heartland companies.
Everest Re Group is a Bermuda-based holding company that operates through its subsidiaries: Everest Reinsurance Company provides reinsurance to property and casualty insurers in both the US and international markets.