MADISON, Wis. -
In August of 2006, CUNA Mutual and Pro Ag entered into an agreement to provide Multi-Peril Crop Insurance coverage to farmers and agricultural producers nationwide, with CUNA Mutual serving as the lead reinsurer and in some cases as a direct writer of crop insurance, in partnership with Pro Ag.
"Our decision to acquire a minority ownership share in Pro Ag solidifies our partnership and signals to agricultural producers CUNA Mutual's long-term commitment to Pro Ag and the crop insurance market," said Jeff Post, CEO of CUNA Mutual. "Our partnership has already helped both organizations grow- growth that will be strengthened with our investment in Pro Ag."
The agreement with CUNA Mutual allowed Pro Ag to expand its business nationwide and continue to grow its revenues. With its minority ownership, CUNA Mutual will have a position on Pro Ag's Board of Directors.
Crop insurance protects farmers from financial losses that result from natural causes such as drought, excessive moisture, hail, wind, frost, insects and disease. Multi-Peril Crop Insurance is a $5-billion industry in the U.S.
Pro Ag is a writer of federally sponsored Multi-Peril Crop Insurance (MPCI) and private Crop Hail Insurance.
For info: www.proag.com.
