XL Reinsurance America has purchased Global Ag Insurance Services, a crop insurance provider based in the western US, for an undisclosed sum.
Originally both firms partnered in 2011 to provide insurance services to western specialty crop producers and growers through the USDA multi-peril crop insurance program.
The companies later built a specialized platform to offer an alternative to growers and agents in the western US, as conventional risk management and crop insurance solutions were not meeting the requirements of producers in the region.
XL Reinsurance America president and CEO John Welch said, "Having been in the crop business for more than a decade, we at XL understood early on that regional expertise is critically important for long-term success in highly specialized markets like crop insurance."
"Taking this next step of bringing on board the Global Ag team fully fits with XL’s strategy of adding high quality teams in attractive markets.
"We believe now is the time to accelerate growth by leveraging the strength of the XL platform and building upon the success of a regionally focused crop insurance model," Welch added.
Operating as a part of XL, Global Ag will be able to develop competent teams of adjusters and underwriters in the industry and drive continued improvement in the delivery of agricultural risk management solutions.
XL Group, through its subsidiaries, delivers products including aerospace, property, casualty, marine and specialty.