Producers Ag Insurance Group, a member of the Tokio Marine HCC (TMHCC), has agreed to buy crop managing general agent AmTrust Agriculture Insurance Services (AmTrust Ag), a subsidiary of AmTrust Financial Services.
AmTrust Ag, headquartered in Kansas, the US, provides multi-peril crop, crop hail, livestock and named peril crop insurance, which are underwritten by Technology Insurance Company.
The acquired entity managed gross premiums of $103m in 2018, as reported by National Crop Insurance Services (NCIS).
Commenting on the deal, ProAg president and CEO Kendall Jones said: “ProAg believes AmTrust Ag provides a complementary platform to add business from a strong portfolio of independent agents, while improving our profitability and enhancing our diversified portfolio through strategic partnerships.
“This acquisition shows TMHCC’s and ProAg’s continued commitment to the US crop insurance space.
“Together with AmTrust Ag, we will work through the details over the coming weeks to provide a seamless transition for policyholders, agents and employees.”
The deal, which is subject to regulatory approvals, is scheduled to be completed by 1 May this year.
ProAg has eight offices across the US and employs almost 400 people supporting crop insurance operations in 49 states.
Headquartered in Houston, Texas, Tokio Marine HCC operates as specialty insurance group with offices in the US, the UK and Continental Europe.