Global reinsurer SCOR has acquired Brazil-based AgroBrasil, a managing general agent for crop quality and yield insurance protection.
The acquisition comes as part of SCOR’s “Quantum Leap” strategic plan which will see the reinsurer build a 360-degree P&C platform, providing access to profitable growth opportunities and reinforcing technical risk expertise through proximity to risk and clients. SCOR hopes this deal will extend its operations within the agriculture industry.
Following the acquisition, AgroBrasil will continue as normal and will receive support from SCOR to grow business development initiatives and further invest in the technology needed to support its business operations.
AgroBrasil is a re/insurance platform which helps Brazilian farmers which protects them from damages or losses to their crops caused by climate issues like storms.
SCOR global deputy CEO Laurent Rousseau said, “Through this acquisition, SCOR is further building its Specialty Insurance franchise and MGA platform. SCOR will also strengthen its expertise in agriculture insurance, a highly complex specialty: being at the forefront of technical risk-knowledge and fostering product innovation for the benefit of our clients around the world is an integral part of our DNA.”
As part of the deal, AgroBrasil CEO Laura Neves will remain in the position and will also join the ESSOR board.
The two companies have been partnered with AgroBrasil for 15 years. Initially, SCOR served as the reinsurer, but in 2013 it acted as the 2013.
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