Everest Re (RE) Finalizes $49M Sale of Heartland Crop Insurance

August 25, 2016 10:20 AM EDT

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Everest Re Group, Ltd. (NYSE: RE) announced that it has finalized the sale of its U.S. crop managing general agent, Heartland Crop Insurance, Inc., to CGB Diversified Services, Inc. (CGB DS), for $49 million.

In conjunction with the sale, Everest has entered into a strategic long term reinsurance relationship with CGB DS, to provide quota share reinsurance capacity on the combined crop insurance portfolio of the Diversified/Heartland companies.

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