Latest Agribusiness Headlines
All the headlines from our Agribusiness Topic Page, ordered by recency.
S&P Lowers Farmers & Mechanics Mutual Ratings to ‘Bpi’
Jan 16 2003 // Standard & Poor’s Ratings Services announced that it has lowered its counterparty credit and financial strength ratings on West Virginia-based Farmers & Mechanics Mutual Insurance Co. to ‘Bpi’...
Agribusiness with Equine Specialty
Jan 13 2003 // Nuts & Bolts: Allen Financial Insurance Group/the Equestrian Group has available a program for agribusiness with equine specialty. Endorsements—Farm and CGL. Dollars: Policy limits of $10,000,000. Deductibles of...
Officials Must Testify in Farmers Settlement Case
Jan 7 2003 // State District Judge Scott Jenkins placed Texas’ $100 million settlement with Farmers Insurance Group of Companies in limbo by ruling that top state officials and Farmers executives must testify in a policyholder...
ND Insurance Dept. Sets 2003 Crop Hail Coverage Filing Dates
Dec 31 2002 // The North Dakota Insurance Department has issued a bulletin informing all insurers “seeking to market policies for the coverage of crop hail insurance” in the state, that March 1, 2003 is the deadline for all...
Farmers Marks 44th Participation in Pasadena Parade with Special Float
Dec 30 2002 // Farmers Insurance Group, L.A.’s largest private employer, announced a dual celebration for this New year’s Day – its 75th Anniversary and its 44th consecutive year as a participant in the Pasadena...
NAII Files Brief in Michigan Coordination of Benefits Provision Case
Dec 24 2002 // The National Association of Independent Insurers announced that it has filed an amicus brief with the Michigan Supreme Court in the case of Sprague V. Farmers “to clarify the cost savings function of the...
TX Appeals Court Says Farmers Acted in Bad Faith but Slashes Award
Dec 20 2002 // The Third Court of Appeals in Austin, Texas found that Farmers Insurance Group had both acted in bad faith and violated the state’s deceptive trade practices law in the landmark case that originally saddled the...
Florida Farm Bureau Mold Guidelines Approved
Dec 20 2002 // The state of Florida and Florida Farm Bureau Insurance Companies worked out an agreement concerning guidelines on coverage for mold in homeowners policies. According to United Press International, the detailed guidelines...
Farmers Awards Young Americanos Photo Contest Winners
Dec 16 2002 // At a special ceremony in McAllen, Texas, Farmers Insurance awarded more than $6,000 in academic scholarships to 35 student winners, mostly from the Rio Grande Valley, of the Farmers-sponsored Young Americanos Youth...
Lawsuits Aim to Block Farmers Settlement
Dec 13 2002 // Policyholders unhappy with the settlement worked out between Farmers Insurance Group and the state of Texas filed lawsuits seeking to block the $100 million settlement that was reached on Nov. 30. According to the...
NE Ins. Dept., USDA Risk Management Agency Conclude Agreement on American Growers
Dec 12 2002 // L. Tim Wagner, Director of the Nebraska Department of Insurance (NDI), and Ross J. Davidson, Jr., Administrator of USDA’s Risk Management Agency (RMA) announced the signing of a “Memorandum of...
Farmers, Mid-Century Ins. Co. Sue Calif. Body Shops for Fraud
Dec 11 2002 // Farmers Insurance Exchange and Mid-Century Insurance Company have begun serving civil summons and complaints upon an Oakland, Calif. body shop and a Ventura County, Calif. body shop, their owners, former Farmers employees...
Settlement Reached: Farmers to Stay in Texas
Dec 2 2002 // The Texas Department of Insurance (TDI) and the Office of Attorney General (OAG) announced that a settlement was reached with Farmers Insurance Group on November 30, under which Farmers will continue to offer homeowners...
USDA Refuses Approvals for Sale of Acceptance Crop Policies; American Growers Under Supervision
Nov 26 2002 // Acceptance Insurance Companies Inc. announced that Rain and Hail, L.L.C and others have discontinued efforts to purchase its crop insurance assets, mainly its American Growers Insurance Company (AGIC) subsidiary, following...
TEMP. DEAL FOR FARMERS, STATE
Nov 25 2002 // Farmers Insurance Group of Companies worked out a temporary deal with the Governor’s office, the Texas Department of Insurance (TDI) and the Office of Attorney General (OAG) under which it will continue to offer...
Acceptance to Receive $21.5 Million for Crop Insurance, S&P Lowers Ratings
Nov 20 2002 // Acceptance Insurance Companies Inc. (AICI) gave further details of its preliminary agreement with Rain and Hail L.L.C. and others, to sell its crop insurance assets. If the deal is concluded and approved by regulators,...
S&P’s Puts Acceptance Insurance Cos. and Subsidiaries on Watch Negative
Nov 19 2002 // Standard & Poor’s has placed its ‘B+’ counterparty credit rating on Acceptance Insurance Cos. Inc. (AICI) and its operating units on CreditWatch with negative implications. At the same time, Standard...
Acceptance Posts $131 Million Q3 Loss, Plans to Exit Crop Insurance
Nov 19 2002 // Acceptance Insurance Companies Inc. reported an estimated after-tax net loss of $131 million, or $9.23 per share, for the third quarter of 2002. The figure includes the previously reported loss from crop insurance...
Farmers to Extend Renewals 30 Days; Rate Cut Part of Temporary Settlement
Nov 12 2002 // As a result of ongoing discussions with the Governor’s office, the Texas Department of Insurance (TDI) and the Office of Attorney General (OAG), the Farmers Insurance Group of Companies announced that it would...
No Duty to Investigate Before Terminating Agent
Nov 11 2002 // In Texas Farm Bureau Mut. Ins. Co. v. Sears, the Texas Supreme Court addressed what duties an insurance company owes an independent agent when terminating an “at will” relationship. No. 01-0851 (Tex., Aug. 30,...
