ProAg Announces Agreement to Acquire AmTrust Ag04/23/2019
AMARILLO, TEXAS (April 22, 2019) . . .
Producers Ag Insurance Group, Inc. (ProAg), a member of the Tokio Marine HCC (TMHCC) group of companies, today announced a purchase agreement had been signed to acquire crop managing general agent AmTrust Agriculture Insurance Services (AmTrust Ag), a subsidiary of AmTrust Financial Services, Inc. The transaction, which is subject to regulatory approvals, is expected to close by May 1, 2019.
Headquartered in Leawood, Kansas, AmTrust Ag manages multi-peril crop, crop hail, livestock and named peril crop insurance. AmTrust Ag products are underwritten by Technology Insurance Company, Inc., 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. 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,” said Kendall Jones, ProAg’s President and Chief Executive Officer. “Together with AmTrust Ag, we will work through the details over the coming weeks to provide a seamless transition for policyholders, agents and employees.
ProAg is a member of the Tokio Marine HCC group of companies and has a financial strength rating of “A++ (Superior)” from A.M. Best. The company is positioned as a financially strong and well-capitalized crop insurer with over 90 years of experience in protecting the American farmer. ProAg writes multi-peril crop, crop hail, named peril crop and livestock insurance. The company is headquartered in Amarillo, Texas with eight offices spread across the United States. ProAg employs approximately 400 people supporting crop insurance operations in 49 states. For more information about ProAg, please visit www.proag.com. ProAg is an equal opportunity provider and employer.
Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, the United Kingdom and Continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of “AA- (Very Strong)” from S&P Global Ratings, “A++ (Superior)” from A.M. Best, and “AA- (Very Strong)” from Fitch Ratings; its major international insurance companies have financial strength ratings of “AA- (Very Strong)” from S&P Global Ratings. Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $34 billion as of December 31, 2018. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.
Source: ProAg Communications and Media