FARMERS MUTUAL HAIL ACQUIRES JOHN DEERE INSURANCE

US property/casualty and crop insurer Farmers Mutual Hail Insurance Co of Iowa has closed its acquisition of crop insurer John Deere Insurance and its John Deere Risk Protection affiliate in a deal that expands its business across the US. Terms of the transaction were not disclosed. “The combination will take two very reputable, well respected mid-tier companies and create a top-tier company with a national footprint and enormous potential”, said FMH chairman, president and chief executive Ron Rutledge. Deere has been in the crop insurance business for nine years, becoming a top-10 provider in the sector with national distribution. It provides government-backed multi-peril crop insurance as well as crop hail protection and other private crop insurance products. FMH provides private and federal crop insurance, reinsurance as well as motor, property and liability cover for farms and ranches.