Commercial insurer ACE Limited has completed its acquisition of Penn Millers Holding for approximately $107m in cash.

Penn Millers Insurance Company operates in 34 US states and provides insurance through subsidiary Penn Millers to companies that manufacture, process and distribute agricultural products.

ACE office of the chairman Brian Dowd said that they are pleased to complete this transaction, which provides them with an established, specialty niche business and offers them the opportunity to expand their substantial agricultural market capabilities offered through their Rain and Hail crop insurance and ACE Westchester excess and surplus lines businesses.

ACE is a global insurance and reinsurance organization, serving the needs of commercial and individual customers in more than 170 countries an it serves the property and casualty insurance and reinsurance needs of businesses of all sizes in a range of industries.