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Article: Market Moves.(NEWS)
- Article from:
- Business Insurance
- Article date:
- October 12, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CUNA Mutual purchases crop insurance firm
AMARILLO, TexasCUNA Mutual Insurance Society has acquired crop insurer Producers Ag Insurance Group, the companies said.
Amarillo, Texas-based ProAg, a multiperil crop insurer serving farmers and agricultural producers nationwide, will operate as a standalone subsidiary of CUNA Mutual. CUNA Mutual, which became the lead reinsurer for ProAg in 2006, acquired a minority ownership position in the crop insurer in 2007.
Becoming sole owner of ProAg helps CUNA diversify the risks it insures and provides new revenue streams, company officials said in a statement. Multiperil crop insurance is an $8 billion U.S. ...