STAMFORD, Conn., Feb. 26, 2014 /PRNewswire/ -- XL Group today announced that XL Reinsurance America Inc., a subsidiary of XL Group plc (NYSE:XL), has acquired Global Ag Insurance Services, a crop insurance provider based in the western United States.
The two companies initially partnered in 2011 to deliver crop insurance solutions to western specialty crop producers and growers through the USDA multi-peril crop insurance program. Recognizing that conventional risk management and crop insurance solutions were not typically designed to address the needs of producers in the region, the two companies built a specialized platform to offer an alternative to growers and agents in the western United States. As larger existing carriers dealt with adverse events in the Midwest in 2012 and again in 2013, Global Ag was well-positioned with western U.S. crop producers. As a result the company experienced strong growth throughout the region.
John Welch, President and CEO of XL Reinsurance America Inc., said: "Having been in the crop business for more than a decade, we at XL understood early on that regional expertise is critically important for long-term success in highly specialized markets like crop insurance. We've been impressed with the caliber of the Global Ag team and very pleased with the results of our partnership. Taking this next step of bringing on board the Global Ag team fully fits with XL's strategy of adding high quality teams in attractive markets. We believe now is the time to accelerate growth by leveraging the strength of the XL platform and building upon the success of a regionally focused crop insurance model."
By becoming a part of XL, Global Ag believes it can build one of the most accomplished teams of adjusters and underwriters in the industry and drive continued improvement in the delivery of agricultural risk management solutions.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts