Ohio-based American Financial Group Inc. and Farmers Alliance Mutual Insurance Company announced that they have executed a letter of intent to acquire the multi-peril crop insurance and the crop hail insurance businesses written through Farmers Crop Insurance Alliance Inc (FCIA). Assuming its completion, this acquisition would be made by AFG’s subsidiary, Great American Insurance Company.
Both Great American and Farmers Alliance are providers of
agricultural insurance products. Great American has been providing crop-hail coverage since 1925 and began writing multi-peril crop insurance in 1980 after Congress authorized the program.
Great American generated gross written premiums of approximately $447 million in 2004. Great American’s crop business is similar in size to Farmers Crop whose gross written premiums in 2004 were approximately $504 million.
While the transaction is subject to the companies’ negotiation of a
binding agreement, and will be subject to customary conditions and regulatory approvals, a closing is anticipated in the third quarter of 2005.
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
