Indiana Farm Bureau Insurance Companies has reached a definitive agreement with Agway Inc. to acquire 100 percent of the stock of New York-based Agway Insurance Company, in a deal valued at $21 million. The transaction is expected to close before the end of the year, subject to New York Insurance Department approval. Agway Insurance Company is a wholly-owned subsidiary of Agway, Inc.
“We are extremely excited at this opportunity to grow our family of insurance companies and to expand our presence to farmers and other customers outside the state of Indiana,” Farm Bureau president Don Villwock said. “The similarities in corporate mission, values, product lines, and management style between our two organizations make this a great fit.”
Agway CEO Don Cardarelli added, “We are very pleased that this transaction will allow Agway Insurance Company to become part of a well- respected organization that is committed to both the insurance industry as well as to farm and rural customers. It also captures immediate value for our Cooperative.”
As part of the Indiana Farm Bureau Insurance Group, Agway Insurance Company is expected to remain a separate entity headquartered in DeWitt, New York, with plans to maintain the vast majority of the current Agway Insurance employee base.
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