Everest Re Group’s US crop insurance unit Heartland Crop Insurance has partnered with Canada-based Global Ag Risk Solutions (GARS) to provide production cost insurance (PCI) product for farms across the US.
Under the exclusive partnership, the firms will deliver GARS PCI products to farms across the country through Heartland agents.
According to Everest Re, the new Heartland-GARS partnership is effective for business beginning this crop year.
Heartland Crop Insurance president Wade Shuler said: "We are proud to partner with GARS as the only US crop insurance provider able to offer this innovative protection to US farming operations.
"This groundbreaking product provides the American farmer individualized protection specific to their own farm and insures all of a farmer’s variable inputs and a significant portion of their fixed costs as well.
"We are excited to be at the forefront of this new venture and support its success with our broad agent network, leading claims services and strong balance sheet."
In 2011, Everest Re Group acquired Heartland Crop Insurance for around $68.5m.
Heartland is a specialty underwriter of crop insurance that offers comprehensive multi peril crop and crop-hail insurance products through its distribution network, with estimated premium of $300m.
Everest Re Group, through its subsidiaries, offers insurance and reinsurance services for the customers.
Image: Everest Re’s Heartland Crop Insurance and GARS to offer production cost insurance for farms. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.