Farm Bureau Mutual Insurance Company has purchased the Des Moines-based Crop1 Insurance Direct.
“This acquisition will help us expand service to our farmer market,” says Bruce Trost, Farm Bureau Mutual executive vice president. “Crop1’s technology and proven savings will help us provide innovative and affordable crop insurance to meet crop producers' needs throughout our marketing territory.”
Billy Rose, Crop1's chief executive officer, says “We’re delighted that this transaction allows Crop1 to offer a savings to more crop producers across a broader geography.”
The plan is for Crop1 to conduct business in the following 21 states during the 2006 crop year: Arizona, California, Colorado, Iowa, Idaho, Illinois, Indiana, Kansas, Michigan, Minnesota, Missouri, North Dakota, Nebraska, New Mexico, Ohio, Oklahoma, Oregon, South Dakota, Texas, Washington and Wisconsin.
Crop1 is a managing general agency offering the Federal Multi-Peril Crop Insurance program. This federally reinsured MPCI program is offered under the supervision of USDA's Risk Management Agency. In 2003, Crop1 became the first FCIC-approved company approved to offer the Premium Reduction Plan.
Farm Bureau Mutual Insurance Company press release.