Endurance Specialty Holdings Ltd., a Bermuda-based provider of property and casualty insurance and reinsurance, reports that one of its U.S. based holding companies is buying out ARMtech Insurance Services, Inc. and its affiliates.
ARMtech is the fifth largest underwriter of U.S. federally sponsored crop insurance, with $410 million in total premiums in 2007, according to the companies.
Samuel R. Scheef, the founder, majority owner and president of ARMtech, along with ARMtech’s other employee founders and current managers, will continue to manage the day-to-day operations of ARMtech’s business.
Kenneth J. LeStrange, the chairman, president and chief executive officer of Endurance, said the move advances his firm’s goal of expansion as a specialty insurer and reinsurer.
ARMtech was founded in 1996 and entered the crop insurance services business in 1999 as a Texas-based managing general agency. ARMtech acquired American Agri-Business Insurance Co. in 2003. American Agri-Business Insurance Co. holds and agreement with the Federal Crop Insurance Corp. and is licensed to underwrite crop insurance in 33 states.
Crop insurance indemnifies farmers against crop losses by guaranteeing a set crop price, yield or total revenue for the harvest period in exchange for a premium payment. ARMtech primarily offers insurance through the federally sponsored Multiple Peril Crop Insurance program. ARMtech offers its products through a network of agents by providing them with the technology and training to simplify the pricing, execution and submission of insurance policies in accordance with government regulations.
Source: Endurance Specialty Holdings
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