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Aspen enters partnership with CGB Diversified Services, sells US crop biz

Aspen Insurance Holdings Ltd. has announced a strategic partnership with CGB Diversified Services Inc.

Per the terms of the partnership, Aspen acquired a 23.2% stake in a newly formed company, Crop Re Services LLC, which is responsible for directing the placement of reinsurance on behalf of CGB. The remaining 76.8% of Crop Re is owned by CGB.

In exchange for its stake in Crop Re, Aspen sold its U.S. crop insurance business, AG Logic Holdings LLC, to CGB for $68.4 million.

Aspen will receive rights to provide quota share reinsurance capacity, in proportion to its shareholding of Crop Re, on the combined crop insurance portfolios of AgriLogic Insurance Services LLC and CGB. Aspen will also have access to additional crop reinsurance premium by bringing its reinsurance expertise to the diversified crop insurance business.