Crop insurance industry legend retires. We have the bittersweet news that our great friend and mentor Bob Parkerson is “pulling the pin” after some 40 years of leadership in the crop insurance business.
Our Growing Conversation
Insights from the President of ProAg
We are one month or so away from our first annual settlement with RMA on crop year 2013 business. The key report from RMA, which discloses whether an Approved Insurance Provider (AIP) can pay profit shares to agents for previous crop year, will be available in mid-October.
As always, ProAg’s President & CEO, Michael Connealy, has tackled a challenge laid before him head on. This time it was the ALS #IceBucketChallenge thrown his way by one of the ProAg employees.
June is bustin’ out all over…. As we have seen with recent hail and wind storms, Mother Nature is still in charge out on the farm. 2014 is shaping up to be a year when crop hail coverage is back in style!
We are almost certain to have a “Peggy Lee premium year” in 2014 across the US crop insurance industry. To be sure, the question is going to be asked many times, “is that all there is”?
A Connealy Irish Immigration: According to Connealy family records, 200 years ago my great-great grandfather Patrick Connealy was born in Cork, Ireland in January of 1814. He came to the USA with two of his brothers (James and John) in the late 1830’s and gained employment in New York state helping to build the Erie Canal. Happy St. Patrick’s Day!
Any update on how soon USDA will roll out the various new 2014 Farm Bill Programs? What do you make of the Obama Administration Budget announcement last week regarding their crop insurance budget proposals? Mike Connealy provides insight into these questions and more on the latest Mike’s Blog post.
We have been asked several times about how the 2013 reinsurance year is going to finish for ProAg, specifically regarding the ability of ProAg to pay profit share to agents who are otherwise eligible for a profit share.
Back on May 3, 2013 in a blog titled “For What It’s Worth”, we outlined a future forecast of activity surrounding the Farm Bill. We ended that piece with a prediction that sometime during 2013, after contentious debate in Congress, President Obama would sign the 2013 Farm Bill in a White House ceremony.
It looks like the President will sign the legislation on Friday in Michigan. What happens next is we sort through the 969 pages of the legislation and figure out how this all plays out. More on that later, but remember no changes for 2014 for crop insurance. It is all “steady as she goes” for this spring sales season….