On Thursday, Farmers Mutual Hail Insurance Co. of Iowa announced its acquisition of Global Ag Insurance Services LLC from Axa XL, a unit of Axa SA. This acquisition marks the end of Axa’s involvement in the US crop insurance business. According to an Axa spokesperson, this was their only program in that market.
Farmers Mutual, headquartered in Des Moines, Iowa, highlighted the fact that Global Ag is based in Fresno, California and provides crop insurance through the US Department of Agriculture multi-peril crop insurance program as well as specialty private and named peril products.
Shannon Rutledge, President and CEO of Farmers Mutual expressed that the acquisition will allow the insurer to expand its national footprint. Jordan Roach, CEO of Global Ag also acknowledged the growing demand from agricultural producers for specialized crop risk management solutions.
