Bermuda-based specialty property and casualty re/insurer Sompo International Holdings Ltd. (SIH) has completed its previously announced acquisition of Diversified Crop Insurance Services (DCIS), a subsidiary of CGB Enterprises, Inc. (CGB).
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.
According to Sompo International, AgriSompo will have combined gross written premiums of over $2 billion, making it one of the largest crop insurers in the US.
“AgriSompo North America is ready to revolutionize the agriculture industry,” said Bob Haney, Executive Chairman of AgriSompo and CEO, AgriSompo North America.
“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,” Haney continued.
“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, U.S. Insurance, also 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,” Sparro added. “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.”