ProAg Announces Agreement to Acquire AmTrust Ag
Producers Ag Insurance Group, Inc. (ProAg), a member of the Tokio Marine HCC (TMHCC) group of companies, announced a purchase agreement had been signed to acquire crop managing general agent AmTrust Agriculture Insurance Services (AmTrust Ag), a subsidiary of AmTrust Financial Services. The transaction, which is subject to regulatory approvals, is expected to close by May 1, 2019.
Headquartered in Leawood, Kansas, AmTrust Ag manages multi-peril crop, crop hail, livestock and named peril crop insurance. AmTrust Ag products are underwritten by Technology Insurance Company, Inc., an Approved Insurance Provider under the Federal crop insurance program. In 2018, the company managed gross premiums of $103 million, as reported by National Crop Insurance Services (NCIS).
“ProAg believes AmTrust Ag provides a complementary platform to add business from a strong portfolio of independent agents, while improving our profitability and enhancing our diversified portfolio through strategic partnerships. This acquisition shows TMHCC’s and ProAg’s continued commitment to the U.S. crop insurance space. We are pleased to welcome AmTrust Ag’s employees and independent agents to ProAg. Together with AmTrust Ag, we will work through the details over the coming weeks to provide a seamless transition for policyholders, agents and employees.” – President and CEO of ProAg, Kendall Jones.
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The Securities and Exchange Commission today charged international insurance company AmTrust Financial Services Inc. and its former CFO Ronald E. Pipoly Jr. with failing to disclose material facts about how the company estimated its insurance losses and reserves. They have agreed to pay a combined $10.5 million to settle the SEC’s charges.