Japanese insurance company will buy the US crop insurance unit

[caption id="attachment_5118" align="aligncenter" width="618"] File Photo[/caption] Sompo said Japanese insurer Sompo Holdings Inc. will buy Diversified Crop Insurance Services, the U.S. crop insurance unit of CGB Enterprise Inc., a grain carrier in the United States. The acquisition will make Sompo one of the largest crop insurance providers in the world, with combined gross written premiums of over $2 billion, the Japanese firm’s international unit said in a statement on Friday. Sompo is expected to pay 40 billion to 50 billion yen ($380-$470 million) for the No. 4 U.S. crop insurance provider, Japan’s Nikkei business daily said on Saturday. The company’s statement did not include terms of the deal, and Sompo in Japan could not immediately be reached for comment. Sompo already owns ARMtech, the sixth-biggest underwriter of U.S. crop insurance. Source: Online/SZK