5 January 2021News

Sompo promises to revolutionise the agriculture industry with DCIS acquisition

Sompo International Holdings has completed the acquisition of Diversified Crop Insurance Services (DCIS), a subsidiary of CGB Enterprises.

DCIS and ARMtech, Sompo International’s existing US federally sponsored multi-peril crop insurer, now operate under the brand name AgriSompo North America as a part of the global AgriSompo platform.

The deal gives AgriSompo combined gross written premiums of over $2 billion.

Bob Haney, executive chairman of AgriSompo and chief executive of AgriSompo North America, said AgriSompo North America will revolutionise the agriculture industry.

“Reaching this important milestone brings us one step closer to realising the strategic vision for the global AgriSompo platform, which is to create the premier market-leading multinational crop insurance and reinsurance business,” he said.

Chris Sparro, chief executive officer of US insurance at Sompo International, added: “We have been working with the CGB, Diversified and ARMtech teams to make this transition seamless and we have built great momentum together along the way. As we continue to build on our global AgriSompo franchise, AgriSompo North America will redefine what is possible for this industry and for farmers and ranchers.”