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Everest Re enters letter of intent to sell US crop unit

Everest Re GroupLtd. has signed a letter of intent to sell its U.S. crop insurance company,Heartland Crop Insurance Inc., to CGB Diversified Services Inc.

After the deal closes, Everest Re will enter into a strategiclong-term reinsurance relationship with CGB Diversified to provide quota-share reinsurancecapacity on the combined crop insurance portfolio.

CGB Diversified offers crop insurance products and services in38 states.