ProAg Announces Agreement to Acquire International Ag03/23/2017
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 (MGA) International Ag Insurance Solutions, LLC (International Ag). The transaction, which is subject to a number of closing conditions including final approvals by certain International Ag members and regulatory authorities, is expected to close by April 3, 2017.
Headquartered in West Des Moines, Iowa, International Ag manages multi-peril crop, crop hail and named peril crop insurance. In 2016, the company managed gross premiums of $67.4 million, as reported by National Crop Insurance Services (NCIS).
“ProAg believes International Ag provides a complementary platform to add business from a strong group of independent agents, while improving our profitability and enhancing our diversified portfolio. This acquisition shows TMHCC’s continued commitment to the U.S. crop insurance space. We are pleased to welcome International Ag’s management team, employees and independent agents to ProAg,” said Michael Connealy, ProAg’s President and Chief Executive Officer.
“International Ag is excited about the opportunity to join the financially strong and geographically diverse agricultural risk management program of ProAg. Under the guidance and support of ProAg, we will be able to expand our product offerings and elevate the superior service our customers have come to expect,” said Rob Boysen, International Ag’s Chief Executive Officer.
“Together with International Ag, we will work through the details to provide a seamless transition for policyholders, agents and employees over the coming months,” said Kendall Jones, ProAg’s Executive Vice President and Chief Operating Officer.
ProAg is a member of the Tokio Marine HCC group of companies, with a financial strength rating of “A++ (Superior)” from A.M. Best Company, Inc. 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 seven offices spread across the United States. ProAg employs approximately 400 people supporting crop insurance operations in 41 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, Spain and Ireland. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of “AA- (Very Strong)” from Standard & Poor’s Financial Services LLC, “A++ (Superior)” from A.M. Best Company, Inc., and “AA- (Very Strong)” from Fitch Ratings; its major international insurance companies have financial strength ratings of “AA- (Very Strong)” from Standard & Poor’s Financial Services LLC. Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $31 billion as of December 31, 2016. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.
Contact: Richard Stinson, Communications & Media Manager