MADISON, Wis. – CUNA Mutual Group, which acquired a minority share of Producers Ag Insurance Group in 2007, said it has agreed to buy the rest of the Amarillo, Texas, crop insurer.
The credit union insurer said the deal supports its need to identify new growth opportunities and diversify the risks it insures.
CUNA Mutual’s relationship with ProAg began in 2006 when it began serving as the lead reinsurer for ProAg as a direct writer of crop insurance. In 2007, CUNA Mutual acquired a minority ownership position in ProAg.
Since the onset of the partnership, ProAg has grown from a 70-employee company doing business in 25 states to a 400-employee company serving more than 40 states. ProAg is on pace to generate more than $530 million in premiums in 2009.
