April 12, 2013 by Canadian Underwriter
ACE Group announced Thursday that it has formed an agriculture property and casualty business, reflecting the integration of two recent acquisitions.
Dubbed ACE Agribusiness, the new business is comprised of Penn Millers Insurance Company, which ACE acquired in 2011, and the Farm and Ranch division of Rain and Hail Insurance Service, acquired in 2010.
The new Agribusiness will offer farm and ranch and specialty P&C commercial insurance products and services to the agriculture market, ACE said.
“Unifying the Penn Millers commercial agricultural business and Rain and Hail’s Farm and Ranch division under the new name — ACE Agribusiness — strengthens ACE’s offerings in this segment,” Michael Coleman, division president of ACE Agriculture commented in a statement.
Rain and Hail, an insurance subsidiary of ACE Group, will continue to offer its crop products, including multi-peril crop insurance, crop hail coverages, and named peril products specific to the agriculture market, under its existing name, ACE said.
The company’s agriculture business is based in Johnston, Iowa and is one of the largest providers of multi-peril crop insurance. It also offers crop hail and commercial agriculture insurance in the United States and Canada.
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