ACE, an insurance holding company of the ACE Group, has completed the acquisition of Iowa-based Rain and Hail Insurance Service for $1.1bn in cash.

Rain and Hail Insurance is a crop insurance underwriter and a provider of multiple peril crop and crop-hail insurance protection to customers in the US and Canada.

Rain and Hail Insurance will continue to operate as a separate and distinct franchise within the company’s ACE Westchester division and Insurance-North America operations.

ACE chairman and CEO Evan Greenberg said the company look forward to the benefits that the combination of two organizations will bring both in the near and longer term.

ACE Group is an insurance and reinsurance organization with operations in more than 140 countries. It provides property and casualty (P&C) insurance services to businesses of all sizes in a range of industries.