American Agriculture Insurance Company (AAIC), a provider of agriculture re/insurance, has announced that it is now authorised to reinsurance risks based in Argentina and Colombia through the broker marketplace.
AAIC has been named as an Admitted Foreign Reinsurer in Argentina and an Approved Reinsurer in Colombia, where it is listed with the Foreign Reinsurers Registration.
Like many mutual insurers in Argentina and Colombia, AAIC is a member of the International Cooperative and Mutual Insurance Federation (ICMIF).
The company also belongs to ICMIF’s Latin American Reinsurance Group (LARG).
“At AAIC, our vision is to be an internationally recognized leader in the management of insurance risk,” said Janet Katz, Executive Vice President and CEO of AAIC.
“These new authorizations in Argentina and Colombia will allow us to continue making strides toward that vision as we further diversify and grow our business.”
Founded in 1948 as a direct reinsurer for the US-based Farm Bureau insurance companies, over the past two decades AAIC has increasingly participated in US and international reinsurance programs through the broker marketplace.
In 2018, nearly 40% of AAIC’s net earned premium came from its Broker Assumed operation with approximately 25% of that portfolio from international business.