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Japan-based insurer Sompo Holdings Inc. plans to buy U.S.-based Diversified Crop Insurance Services for up to 50 billion Japanese yen ($470 million), as demand for insurance against losses from extreme weather events rises, Nikkei Asian Review reported. Sompo will also form an alliance with Diversified's parent firm CGB Diversified Services Inc. to leverage the know-how gained in the United States and branch out to other countries like India and Brazil.