AgroBrasil offers fruit and grain loss of crop quality and yield insurance protection to Brazilian farmers
Reinsurance company SCOR has purchased a majority stake in Brazilian agriculture insurer AgroBrasil Administração e Participações.
AgroBrasil is a family-owned managing general agent, which provides fruit and grain loss of crop quality and yield insurance protection to Brazilian farmers. The deal is part of SCOR’s speciality insurance strategy.
Under Quantum Leap strategic plan, SCOR has pledged to develop a 360° P&C risk-taking platform to create profitable growth opportunities and boost technical risk expertise for both risks and clients.
AgroBrasil CEO Laura Neves said: “The full backing of AgroBrasil by a global Tier 1 reinsurer will strengthen our unique positioning in the Brazilian market, allow us to broaden our market offering and deepen our infrastructure.
“Our people have known each other for a very long time, and I am looking forward to joining the SCOR team.”
AgroBrasil will enable SCOR to strengthen its expertise in the agriculture segment
The acquisition of AgroBrasil will allow SCOR to expand its P&C reinsurance and speciality insurance activities, in addition to strengthening the expertise in agriculture.
The acquisition will also facilitate knowledge-sharing, better client-servicing and create additional business opportunities across SCOR’s P&C global platform.
SCOR is a major re/insurance player in the Brazilian agriculture market while AgroBrasil is supported by a unique network of expert agronomists and advanced digital platform.
SCOR has collaborated with AgroBrasil for 15 years. Initially, the company served as a reinsurer and from 2013 as an insurer via its Brazilian insurance company ESSOR Seguros.
The company will support AgroBrasil to advance business development initiatives, as well as further invest in the technology required to support its current business operations, profitable growth, and the development of new products.
SCOR Global P&C deputy CEO and speciality insurance business CEO Laurent Rousseau said: “SCOR will also strengthen its expertise in agriculture insurance, a highly complex speciality: 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.”
In December 2019, Global Risk Partners (GRP) business unit Commercial Insurance Brokers (CCIB) acquired Worcester-based agricultural broker Barpax Associates.