Validus completes crop insurer acquisition
Validus Holdings yesterday completed its $127.5 million takeover of a US-based crop insurance company.
Crop Risk Services, formerly owned by Archer Daniels Midland, had $555 million gross premiums written last year and 1,170 agents across 36 states.
Ed Noonan, Validus chairman, said: “The acquisition of CRS is another important step in building our global specialty insurance business.
“Validus will benefit from CRS's commitment to provide superior customer service to agents and farmers via their leading technology capabilities.”
The deal included a marketing services agreement between Validus and ADM where the two will work together to provide a full range of farming-related insurance and services to CRS customers.
CRS will operate as part of the Western World Insurance Group, which is owned by Validus.
Mr Noonan said: “We welcome CRS to Validus and look forward to working with ADM to continue offering a full range of crop insurance products, as well as ADM's grain marketing services to our CRS customers.”