Farmers Mutual Hail Insurance Co. of Iowa (FMH) announced it is acquiring Moline, Ill.-based John Deere Insurance Co. and John Deere Risk Protection Inc.
The action is a result of Deere’s previously announced review of strategic options for the crop insurance business.
Headquartered in West Des Moines, Iowa, FMH has served America’s farmers since 1893. Specializing in the crop insurance industry, the company has been run by the same family for over 120 years. FMH provides comprehensive insurance and risk management products and services for America’s heartland, including private and federal crop insurance, reinsurance products and services, as well as farm and ranch insurance that includes auto, property, and liability coverage.
Deere has been involved in the crop insurance business for nine years, during which John Deere Insurance Co. has become a top-10 provider of crop insurance with national distribution and a product portfolio of both government-backed multi-peril crop insurance (MPCI) coverages, as well as private crop insurance products such as crop hail protection.
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.
Citi served as exclusive financial advisor to Deere & Co.
Source: Farmers Mutual Hail (FMH), Deere & Co.
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