Producers Ag Insurance Group (ProAg), part of the specialty insurance group Tokio Marine HCC, is to acquire crop managing general agent AmTrust Agriculture Insurance Services (AmTrust Ag), a subsidiary of AmTrust Financial Services.
AmTrust Ag is headquartered in Kansas, US and manages multi-peril crop, crop hail, livestock and named crop peril insurance.
Its products are underwritten by Technology Insurance Company, an Approved Insurance Provider under the Federal crop insurance program.
In 2018, the company managed gross premiums of $103 million, as reported by National Crop Insurance Services (NCIS).
“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,” said Kendall Jones, ProAg’s President and Chief Executive Officer.
“This acquisition shows TMHCC’s and ProAg’s continued commitment to the U.S. crop insurance space. We are pleased to welcome AmTrust Ag’s employees and independent agents to ProAg.”
“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 transaction, which is subject to regulatory approvals, is expected to close by 1 May 2019.
