HAMILTON, Bermuda--(BUSINESS WIRE)--Aug. 25, 2016--
Everest Re Group, Ltd. (NYSE: RE) announced today 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.
Everest Re Group, Ltd. is a Bermuda holding company that operates
through the following subsidiaries: Everest Reinsurance Company provides
reinsurance to property and casualty insurers in both the U.S. and
international markets. Everest Reinsurance (Bermuda), Ltd., including
through its branch in the United Kingdom, provides reinsurance and
insurance to worldwide property and casualty markets and reinsurance to
life insurers. Everest Reinsurance Company (Ireland), Limited provides
reinsurance to non-life insurers in Europe. Everest National Insurance
Company and Everest Security Insurance Company provide property and
casualty insurance to policyholders in the U.S. Everest Indemnity
Insurance Company offers excess and surplus lines insurance in the U.S.
Everest Insurance Company of Canada provides property and casualty
insurance to policyholders in Canada. The Company also operates within
the Lloyd's insurance market through Syndicate 2786. In addition,
through Mt. Logan Re, Ltd., the Company manages segregated accounts,
capitalized by the Company and third party investors, that provide
reinsurance for property catastrophe risks. Additional information on
Everest Re Group companies can be found at the Group’s web site at www.everestregroup.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160825005726/en/
Source: Everest Re Group, Ltd.
Everest Global Services, Inc.
Elizabeth B. Farrell
Vice
President, Investor Relations
908-604-3169