Sompo completes acquisition of Diversified Crop Insurance
Sompo International Holdings, a Bermuda-based specialty provider of property and casualty insurance and reinsurance, has completed the acquisition of Diversified Crop Insurance Services (DCIS), a subsidiary of CGB Enterprises.
The deal was first announced on September 4, 2020. DCIS and ARMtech, Sompo International’s existing US federally sponsored multi-peril crop insurer, will now operate under the brand name AgriSompo North America and as a part of the global AgriSompo platform.
AgriSompo will be one of the largest crop insurance providers in the US and the world, with combined gross written premiums of over $2 billion.
Bob Haney, executive chairman of AgriSompo and CEO, AgriSompo North America, state: “AgriSompo North America is ready to revolutionize the agriculture industry. I am proud of the foundation that the talented people from DCIS and ARMtech have built to ensure our long-term success. We will work to successfully merge the two remarkable companies together and take a groundbreaking approach to the marketplace, while continuing to provide best-in-class service to our agents and farmers. Reaching this important milestone brings us one step closer to realizing the strategic vision for the global AgriSompo platform, which is to create the premier market-leading multinational crop insurance and reinsurance business.”
Chris Sparro, CEO, US Insurance, commented: “We are excited to officially announce the formation of AgriSompo North America, the new combined entity comprised of DCIS and ARMtech. 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.”
