Sompo International Holdings Ltd. (SIH), a Bermuda-based specialty provider of property/casualty insurance and reinsurance, has acquired Lenexa, Kan.-based Diversified Crop Insurance Services (DCIS), a subsidiary of CGB Enterprises Inc. (CGB).
DCIS and ARMtech, Sompo International’s existing U.S. 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 United States and the world with combined gross written premiums of over $2 billion, the company’s announcement said.
Bob Haney, executive chairman of AgriSompo and CEO, AgriSompo North America, stated that DCIS and ARMtech already have built a foundation “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.”
Chris Sparro, CEO, U.S. Insurance, commented, “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.”
Sompo International companies are wholly owned subsidiaries of Sompo Holdings Inc., a large property/casualty insurance group in the Japanese domestic market.
Source: Sompo International
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