Bermudian-based reinsurer Everest Re has struck a deal to sell its Heartland Crop Insurance subsidiary.

CGB Enterprises, a provider of transportation and storage services, agreed to buy Heartland to expand its offerings to the agriculture industry.

The terms of the deal were not disclosed, but Everest said it would continue to have exposure to the crop insurance business through a reinsurance arrangement with CGB.

The coverage protects farmers against weather-related setbacks or lower-than-expected revenue and is backed by the US government.

Everest bought Heartland for $55 million in 2011.

Ownership has been shifting in the crop insurance industry as volatile commodity prices and pressure on government subsidies boosted risk for insurers. Wells Fargo & Co, Monsanto Co and Deere & Co are among the giant publicly traded firms that have retreated from the market in recent years.

The buyer sells crop insurance and services to farmers in 38 states and will expand its reach and diversify its risks with the deal.

“We look forward to collectively accomplishing many of the goals we share together,” Ron Miller, president of insurer CGB Diversified Services, said in the statement. “Our combined strength will make us a significant force in our industry in the years ahead.”

Everest Re also posted second-quarter earnings late Monday that topped analysts’ estimates for operating profit and revenue.