EVEREST RE ACQUIRES US CROP INSURER HEARTLAND

Bermudian re/insurer Everest Re Group has acquired Heartland Crop Insurance, a Kansas-based managing general agent that specializes in the underwriting of crop insurance, for $55m, plus an undisclosed amount for the agency's assets, and up to $13.5m in performance-based contingency payments. Heartland's annual premiums of around $300m rank it as one of the larger US underwriters of crop insurance. Everest is seeking to operate as an approved insurer under the Federal Crop Insurance Programme commencing with the July 1 start of the 2012 crop season, which is expected to generate around $160m in premium this year. Until such approval is granted, Everest will continue to serve as a reinsurer in the federal programme.