XL Group acquires crop insurance provider
XL Reinsurance America, a subsidiary of XL Group, has acquired Global Ag Insurance Services, a crop insurance provider based in the west of the US.
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 programme. The companies built a specialised platform to offer an alternative to growers and agents in the western US.
John Welch, president and CEO of XL Reinsurance America, 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 specialised markets like crop insurance.
“We’ve been impressed with the calibre 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.”
Jordan Roach, CEO of Global Ag Insurance Services, said: “Our partnership with XL has been instrumental in our success over the past few years. We’re excited about the opportunity to build on that success and drive continued growth by leveraging XL’s global platform, financial strength and proven track record in agricultural risk management."
Brandon Roach, president of Global Ag Insurance Services, added: “Having worked side by side with the team at XL over the past few years we admire their demonstrated commitment to attracting and retaining talented individuals. As we look ahead we see significant opportunities for growth in crop insurance and we understand that our ability to recruit top performers across the industry will be one of the most important determinants of our success.”
