Everest Re Group has purchased the business and operations of specialty underwriter of crop insurance, Heartland Crop Insurance. Everest will pay about $55 million in addition to the agreed upon value of the net assets of the agency, and about $13.5 million based on future performance. Everest is expecting to get approval from USDA Risk Management Agency (RMA) to operate as an approved insurance provider of crop insurance business under the Federal Crop Insurance Programme for the 2012 crop season. The acquisition is estimated to generate about $160 million of premium for Everest in 2011.

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