Validus Holdings Ltd. has completed its acquisition of Crop Risk Services business (CRS), a primary crop insurance managing general agent, from Archer Daniels Midland Co.
In the deal that was announced in January, ADM received $127.5 million in cash in exchange for 100 percent of the outstanding stock of CRS.
The transaction includes a marketing services agreement under which ADM and Validus will continue to work together to offer a full range of insurance and farm products and services to CRS customers.
CRS will operate as part of the Western World Insurance Group.
CRS, based in Decatur, Illinois, writes $555 million gross premiums written in 2016 and has 1,170 agents across 36 states.
“The acquisition of CRS is another important step in building our global specialty insurance business,” said Validus Chairman and Chief Executive Officer Ed Noonan.
Validus Holdings is a holding company for reinsurance and insurance operating companies and investment advisors including Validus Reinsurance, Talbot Underwriting, Western World Insurance Group and AlphaCat Managers.
CRS was established in 1982 as ASI AgriServe Inc. In 2010, ADM acquired 100 percent of the shares of ASI, and the company became ADM Crop Risk Services
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