We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Everest Re Closes Heartland Sale, Boosts Crop Insurance
Read MoreHide Full Article
Everest Re Group, Ltd. recently closed the sale of its U.S. crop insurance company, Heartland Crop Insurance, Inc., to CGB Diversified Services, Inc. The company received $49 million as sale proceeds.
Concurrently, Everest Re entered into a long-term reinsurance relationship with CGB Diversified Services. Per the agreement, the property and casualty (P&C) insurer to provide quota share reinsurance capacity on the combined crop insurance portfolio of the Diversified/Heartland companies.
CGB Diversified Services is well known for being the fastest growing crop insurance companies in the U.S. Currently, farmers across 38 states receive the crop insurance products and services provided by the company. The acquisition of Heartland Crop Insurance will support the expansion of its product and services portfolio. Also, after the completion of this deal, the company is likely to witness a significant increase in its market share in a number of key states.
Everest Re, on the other hand, will gain access to a wider, more diversified, crop insurance portfolio through its association with CGB Diversified Services, owing to the strong market penetration of the latter. We expect this strategic initiative to help Everest Re diversify and thrive in the crop insurance business much more quickly along with growing its economies of scale.
The completion of the transaction will result in the collective accomplishment of the common goals shared by Heartland Crop Insurance and CGB Diversified Services. In addition, the combined strength of the companies will be a force to reckon with in the industry in the near future.
Currently, Everest Re carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include Allied World Assurance Company Holdings, AG (AWH - Free Report) , Argo Group International Holdings, Ltd. and National Interstate Corporation (NATL - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Everest Re Closes Heartland Sale, Boosts Crop Insurance
Everest Re Group, Ltd. recently closed the sale of its U.S. crop insurance company, Heartland Crop Insurance, Inc., to CGB Diversified Services, Inc. The company received $49 million as sale proceeds.
Concurrently, Everest Re entered into a long-term reinsurance relationship with CGB Diversified Services. Per the agreement, the property and casualty (P&C) insurer to provide quota share reinsurance capacity on the combined crop insurance portfolio of the Diversified/Heartland companies.
CGB Diversified Services is well known for being the fastest growing crop insurance companies in the U.S. Currently, farmers across 38 states receive the crop insurance products and services provided by the company. The acquisition of Heartland Crop Insurance will support the expansion of its product and services portfolio. Also, after the completion of this deal, the company is likely to witness a significant increase in its market share in a number of key states.
Everest Re, on the other hand, will gain access to a wider, more diversified, crop insurance portfolio through its association with CGB Diversified Services, owing to the strong market penetration of the latter. We expect this strategic initiative to help Everest Re diversify and thrive in the crop insurance business much more quickly along with growing its economies of scale.
The completion of the transaction will result in the collective accomplishment of the common goals shared by Heartland Crop Insurance and CGB Diversified Services. In addition, the combined strength of the companies will be a force to reckon with in the industry in the near future.
EVEREST RE LTD Price
EVEREST RE LTD Price | EVEREST RE LTD Quote
Zacks Rank and Stocks to Consider
Currently, Everest Re carries a Zacks Rank #3 (Hold). Some better-ranked stocks from the same space include Allied World Assurance Company Holdings, AG (AWH - Free Report) , Argo Group International Holdings, Ltd. and National Interstate Corporation (NATL - Free Report) . Each of these stocks sports a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.Click to get this free report >>