TOKYO -- Japanese insurance group Sompo Holdings will acquire a major American provider of crop insurance as demand rises for protection against losses from extreme weather events on a warming planet.
Sompo International will spend 40 billion yen to 50 billion yen ($376 million to $470 million) to buy Diversified Crop Insurance Services, an arm of grain transporter CGB Enterprises. The U.S. company commands the fourth-largest share of the American market, with its crop insurance coverage focused on the Midwest.
