Sompo International completes acquisition of Diversified Crop Insurance Services and forms ...
PEMBROKE, Bermuda, Dec. 28, 2020 (GLOBE NEWSWIRE) -- Sompo International Holdings Ltd. (SIH), a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that it has completed the acquisition of Diversified Crop Insurance Services (DCIS) a subsidiary of CGB Enterprises, Inc. (CGB), which was first announced on September 4, 2020. 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 $2B. Backed by the financial strength and investment in agriculture by Sompo International, AgriSompo North America will be rich in resources, capital and talent, resulting in an unparalleled dedication to the agriculture industry. Through a deep-rooted commitment to customer service, AgriSompo North America will work to make a long-lasting impact on this nation’s farmers and ranchers for generations to come.
Bob Haney, Executive Chairman of AgriSompo and CEO, AgriSompo North America, stated, “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, U.S. 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.”
About Sompo International
Sompo International Holdings Ltd. (Sompo International) is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Sompo International companies are wholly owned subsidiaries of Sompo Holdings, Inc., whose core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market. Sompo International is a company driven by its core values, a carrier that holds promise, trust and the commitment to protect at the center of everything it does. We maintain excellent financial strength as evidenced by the ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard and Poor’s on our principal operating subsidiaries. For more information about Sompo International, please visit www.sompo-intl.com.
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