ProAg Announces Agreement to Acquire International Ag
AMARILLO, TX — Producers Ag Insurance Group, Inc. (ProAg), a member of the Tokio Marine HCC (TMHCC) group of companies, today announced a purchase agreement had been signed to acquire crop managing general agent (MGA) International Ag Insurance Solutions, LLC (International Ag). The transaction, which is subject to a number of closing conditions including final approvals by certain International Ag members and regulatory authorities, is expected to close by April 3, 2017.
Headquartered in West Des Moines, Iowa, International Ag manages multi-peril crop, crop hail and named peril crop insurance. In 2016, the company managed gross premiums of $67.4 million, as reported by National Crop Insurance Services (NCIS).
“ProAg believes International Ag provides a complementary platform to add business from a strong group of independent agents, while improving our profitability and enhancing our diversified portfolio. This acquisition shows TMHCC’s continued commitment to the U.S. crop insurance space. We are pleased to welcome International Ag’s management team, employees and independent agents to ProAg,” said Michael Connealy, ProAg’s President and Chief Executive Officer.
“International Ag is excited about the opportunity to join the financially strong and geographically diverse agricultural risk management program of ProAg. Under the guidance and support of ProAg, we will be able to expand our product offerings and elevate the superior service our customers have come to expect,” said Rob Boysen, International Ag’s Chief Executive Officer.
“Together with International Ag, we will work through the details to provide a seamless transition for policyholders, agents and employees over the coming months,” said Kendall Jones, ProAg’s Executive Vice President and Chief Operating Officer.
