View this article online: https://www.insurancejournal.com/news/midwest/2019/04/22/524400.htm
Producers Ag Insurance Group Inc. has agreed to acquire Leawood, Kan.-based managing general agent AmTrust Agriculture Insurance Services.
The deal, which is subject to regulatory approvals, is expected to close by May 1. Terms were not disclosed.
AmTrust Ag, a subsidiary of AmTrust Financial Services Inc., manages multi-peril crop, crop hail, livestock and named peril crop insurance. AmTrust Ag products are underwritten by Technology Insurance Co., an approved insurance provider under the federal crop insurance program. In 2018, the company managed gross premiums of $103 million, as reported by National Crop Insurance Services (NCIS).
ProAg is a member of the Tokio Marine HCC group of companies. ProAg writes multi-peril crop, crop hail, named peril crop and livestock insurance. The company is headquartered in Amarillo, Texas, and employs approximately 400 people in 49 states.
Since it completed its $2.95 billion privatization plan last November, AmTrust Financial Services has been selling off businesses that do not fit within its strategy of being a specialty commercial P/C insurer focused on local markets and niche products. Last week, Canopius AG signed an agreement to purchase AmTrust at Lloyd’s and Liberty Mutual Insurance agreed to acquire the global surety and credit reinsurance operations of AmTrust.