WEST DES MOINES, Iowa — Farmers Mutual Hail Insurance Co. of Iowa (FMH) today announced the signing of a definitive agreement to acquire John Deere Insurance Co. and John Deere Risk Protection Inc.
Ron Rutledge, FMH chairman, president and CEO, commented, "I am very excited at the potential the combination of FMH and John Deere crop insurance creates. In addition to the advantages that greater scale and diversity bring, our similar company cultures focused around taking care of the customer means all of our policyholders will continue to enjoy the high level of service they've come to expect."
"We are confident that customers of John Deere crop insurance will be well served with this action," said Don Preusser, President of John Deere Insurance Company and John Deere Risk Protection, Inc. "Farmers Mutual Hail has provided tailored crop insurance packages to farmers for more than 120 years. We believe the success and long tenure of FMH speaks volumes about their dedication to customer service."
The transaction is subject to regulatory review and approval. Closing is expected in the first quarter of the 2015 calendar year. FMH was advised in this transaction by Conning as strategic advisor and NCP, Inc. as financial advisor. Faegre Baker Daniels LLP acted as legal counsel to FMH.