AmTrust North America has agreed to acquire Monsanto’s subsidiary The Climate’s crop insurance business (CCCIB).
Terms of the deal have not been disclosed.
The deal will also help AmTrust to exclusively access certain technologies of The Climate, allowing the firm to apply in the crop insurance industry for up to three years.
AmTrust North America parent firm AmTrust Financial Services president and CEO Barry Zyskind said: "CCCIB’s market knowledge, industry expertise and relationships provide an excellent platform for AmTrust to continue to expand in an insurance market niche that offers diversity of risks while also growing our service and fee revenue."
The Climate president and COO Mike Stern said: "We believe digital agriculture has significant potential to help farmers make key agronomic decisions that can improve the efficiency and productivity of their operations."
AmTrust is currently working with CCCIB’s carrier OneBeacon Insurance to achieve a smooth transition for CCCIB’s customers.
Through its subsidiaries, AmTrust offers specialty property and casualty insurance products, comprising workers’ compensation, commercial automobile, general liability and extended service and warranty coverage.
The Climate provides software and hardware technologies for farmers to improve their farming operations.