US-based multinational banking and financial services firm Wells Fargo is reportedly planning to sell its crop insurance business.
The company has opened an auction to divest the business that could be valued at around $1bn, reported Reuters.
The news agency reported that Wells Fargo is reviewing strategic options to divest its subsidiary Rural Community Insurance Services (RCIS), excluding its brokerage arm Fargo Insurance Crop Agency.
Wells Fargo spokeswoman was quoted by the news publication as saying: "Wells Fargo regularly evaluates the strengths and strategic fit for each of its businesses.
"As our model continues to evolve, we are more focused on increasing cross-sell and growing the distribution side of the insurance business."
Bermuda-based PartnerRe or Axis Capital Holdings are expected to bid for RCIS, in addition to MunichRe and Allianz.
RCIS, which has around 4,000 licensed agents that can insure 137 types of crops, is expected to collect $2bn in premiums from farmers.