Crop pro Insurance, a new managing general agent, (MGA), has received Standard Reinsurance Agreement (SRA) approval from the U.S. Department of Agriculture (USDA) making the firm one of just 16 companies with official permission to participate in the Federal Crop Insurance Programme.
The Federal Crop Insurance Corporation is managed by the USDA’s Risk Management Agency and provides U.S. farmers and agricultural entities with crop insurance protection.
Crop Pro said the SRA status is a step towards its aim to cater to both traditional and emerging agriculture markets – with cover designed to help growers benefit from new technologies while still covering their bases with access to traditional crop insurance policies.
Billy Rose, Chairman of Crop Pro Insurance, said; “First and foremost we are committed to serving the needs of the traditional crop insurance market.
“At the same time agriculture is evolving as new technologies come to market and emerging markets are developing. The SRA approval enables Crop Pro Insurance to offer Federal crop insurance, while Crop Pro also creates and provides risk management solutions.
“These solutions will help growers and agents manage the potential financial risk in using new technologies and participating in these emerging markets.”
The firm plans to distribute its products through a network of agents, focusing its initial expansion efforts throughout 13 core Midwestern states.
Young said; “We are the company bringing differentiated solutions that will make our agencies stand out in the marketplace, helping them retain current customers and attract new customers all while increasing revenues for both growers and agents.”
Crop Pro aims to begin offering its products in time for the 2018 spring growing season, with the vision of supporting traditional market needs while helping farmers de-risk the adoption of new technologies and emerging markets.