Everest Re sells US crop MGA

Bermuda reinsurance firm Everest Re has sold its US crop MGA Heartland Crop Insurance to CGB Diversified Services (CGB DS) and has in turn entered into a long-term reinsurance relationship with CGB DS for quota share reinsurance capacity on its combined crop insurance portfolio.

Everest Re sold Heartland Corp Insurance for $49m.

The strategic alliance between Everest Re and CGB DS was announced in July, when Everest Re 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.”