Aspen Announces Strategic Partnership with CGB Diversified Services
ASPEN INSURANCE HOLDINGS (AHL)
Last aspen insurance holdings earnings: 2/6 04:15 pm
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Source: Business Wire
HAMILTON, Bermuda--(BUSINESS WIRE)-- Aspen Insurance Holdings Limited (“Aspen”) (NYSE:AHL) announced today a strategic partnership with CGB Diversified Services, Inc. (“CGB DS”). Under the terms of this partnership, Aspen has acquired a 23.2% stake in a newly formed company, Crop Re Services LLC (“Crop Re”), which is responsible for directing the placement of reinsurance on behalf of CGB DS. The remaining 76.8% of Crop Re is owned by CGB DS. In exchange for its stake in Crop Re, Aspen has sold AG Logic Holdings, LLC (“AgriLogic”), its U.S. crop insurance business, to CGB DS 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 and CGB DS. Aspen will also have access to additional crop reinsurance premium by bringing its reinsurance expertise to a
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