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Thursday, December 1, 2022

Japan’s Sompo buys US crop insurer as weather risks grow

TOKYO — Japanese insurance group Sompo Holdings will acquire a major American provider of crop insurance as demand rises for protection against losses from extreme weather events on a warming planet.

Sompo International will spend 40 billion yen to 50 billion yen ($376 million to $470 million) to buy Diversified Crop Insurance Services, an arm of grain transporter CGB Enterprises. The U.S. company commands the fourth-largest share of the American market, with its crop insurance coverage focused on the Midwest.

Add in sixth-ranked ARMtech, a Sompo subsidiary with strength in the South, and the Japanese casualty-underwriting group will have more than $2 billion in gross written premiums for a 17.5% share of the U.S. market, creating one of the sector’s largest insurance providers.

Crop insurance provides policyholders coverage against the loss of crops to natural disasters or the…

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See also  Daily Weather Forecast | | citizentribune.com - Citizentribune

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