Bermuda-based re/insurer RenaissanceRe Holdings Ltd. is set to acquire the assets of Agro National, a managing general underwriter of crop insurance which offers products and services to the agricultural community.

The terms of the deal were not disclosed, but Argo will become part of the Gelncoe Group, which runs the individual risk business of RenaissanceRe and writes programme business, as well as partnering with Agro over the past four years to write multi-peril crop insurance policies in the Federal Crop Insurance Programme.