Bermuda holding company of providers of reinsurance Everest Re Group Ltd (NYSE: RE | PowerRating) acquired managing general agent Heartland Crop Insurance Inc's business and operations for USD55m plus the value of its net assets as agreed together with a further contingency of up to USD13.5m based on future performance, the company disclosed on Monday.
Heartland is a specialty underwriter of crop insurance and Everest will seek USDA Risk Management Agency's approval to operate as an approved insurance provider of this business under the Federal Crop Insurance Program for the 2012 crop season commencing 1 July 2011, continuing as a reinsurer till then.
Further, Everest expects to generate a premium of about USD160m from this book for 2011 on both a direct and reinsurance basis it stated. For full details on Everest Re Group Ltd. (RE) RE. Everest Re Group Ltd. (RE) has Short Term PowerRatings at TradingMarkets. Details on Everest Re Group Ltd. (RE) Short Term PowerRatings is available at This Link.
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