RenaissanceRe Holdings has entered into an agreement to acquire the assets of Agro National, a general underwriter of crop insurance. Terms of the transaction were not disclosed.
Under the terms, Agro National will become part of the Glencoe Group, which conducts the individual risk business of RenaissanceRe. Glencoe is a writer of program business through admitted and non-admitted carriers and has partnered with Agro National over the past four years to write multi-peril crop insurance policies in the Federal Crop Insurance Program.
The transaction is subject to the satisfaction of conditions precedent, including receipt of applicable regulatory approvals, and is expected to be completed in the second quarter of 2008.
Neill Currie, president and CEO of RenaissanceRe, said: The acquisition of this franchise will strengthen our operating platform and provide us the means to expand the resources we commit to the agricultural marketplace, a market that presents excellent growth prospects.