Archer Daniels Midland Company announced on Nov. 11 that its wholly owned subsidiary, Agrinational Insurance Company, has acquired 50 percent of the shares of Agriserve Inc. (ASI).
Agrinational has also acquired an option to purchase the remaining shares of Agriserve at a future date. Agriserve was established in 1982 to provide farmers with affordable crop income protection. Through the partnership, ADM will add Agriserve’s expertise in crop insurance to its portfolio of grain merchandising services.
“This partnership will help us increase the profitability of our crop insurance business by working to develop products that will enhance ADM’s grain marketing activities,” said David Johnson, president, Agriserve.
“By working with Agriserve, ADM will be able to offer farmers the convenience of marketing their grain and purchasing crop insurance from one place,” said Michael Lusk, vice president, Insurance and Risk Management, ADM.
Agriserve Inc., located in Findlay, Ill., has served as Agrinational’s managing general agent for crop insurance business since 2005. Agriserve writes multi-peril crop insurance and crop hail insurance in 32 states.
Decatur, Ill.-based Archer Daniels Midland Company employs 27,000 who work at more than 240 processing plants, converting corn, oilseeds, wheat and cocoa into products for food, animal feed, chemical and energy uses.
Source: Archer Daniels Midland Company, Agriserve
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