Global reinsurer SCOR said it has acquired a majority stake in AgroBrasil, an MGA focused on distributing fruit and grain loss of crop quality and yield insurance protection to Brazilian farmers.
Neither side disclosed financial details.
SCOR, which is based in France, has partnered with AgroBrasil for 15 years, initially as a reinsurer and since 2013 as an insurer through its Brazilian insurance company, ESSOR Seguros, fully owned since 2018. AgroBrasil’s operations will continue unchanged, keeping its team intact but with support from the SCOR Group to grow business development initiatives and to further invest in the technology needed to support its current business operations, profitable growth and the development of new products. Laura Neves will remain CEO of AgroBrasil and (subject to regulatory approvals) will join the ESSOR board, SCOR said.
SCOR said the transaction marks an important milestone in its Specialty Insurance strategy:
- As part of its “Quantum Leap” strategic plan, SCOR committed to developing a 360-degree P/C risk-taking platform, providing access to profitable growth opportunities and reinforcing technical risk expertise through proximity to both risks and clients.
- The AgroBrasil acquisition secures access to a growing and profitable market for SCOR’s P/C reinsurance and specialty insurance activities and strengthens SCOR’s expertise in agriculture, ultimately enabling greater knowledge-sharing, better client-servicing and additional business opportunities across SCOR’s P/C global platform.
SCOR has been a longstanding insurance/reinsurance player in the Brazilian agriculture market, which is one of the world’s most advanced and sophisticated markets. AgroBrasil is a recognized expert with an unrivalled access to growers, backed by a unique network of expert agronomists and a proprietary digital platform, SCOR said.