The Hartford Financial Services Group Inc. said Monday that it has agreed to sell its multiperil crop insurance business to Rural Community Insurance Co., a subsidiary of Wells Fargo & Co., for an disclosed price.
The agreement calls for The Hartford to transfer all renewals of its multiperil crop coverage to Rural Community Insurance in Anoka, Minn., subject to required approvals from the Department of Agriculture.
Rural Community Insurance Services, the parent of Rural Community Insurance Co., is to be managing general agent for the 2005 reinsurance year, issuing and servicing The Hartford's policies.
Starting with the 2006 season, Rural Community is to fully write and administer this business on its own. In addition, it will begin offering hail and named peril insurance to Hartford crop policyholders.
RCIS is the nation's largest crop insurance provider. The Hartford's crop-insurance business is headquartered in Omaha and is ranked fifth.
The Hartford has been writing crop insurance since the 1930s. The sale does not affect its livestock business, which is also based in Omaha.
