MINNEAPOLIS -- Norwest Insurance Inc. said it completed an agreement to take over the operations of National Ag Underwriters Inc., a crop insurance agency based in Anoka, Minn.
The transaction, approved by the Federal Reserve Board in April, will make the unit of $41.2 billion-asset Norwest Corp. the nation's largest managing general agent for crop insurance, with a 27% share of the U.S. market, said Stephen Byrnes, president of Norwest Insurance. The company specializes in crop insurance and other insurance services for agribusiness.
Norwest said National Ag ranked among the top three U.S. agencies of its kind last year, with sales of $115 million. In addition to its Minnesota base, it has offices in Texas, North Carolina, California, and North Dakota, as well as agents in 34 states.
$700 Million in Premiums
Norwest Insurance, the largest insurance agency owned by a banking company and the 14th-largest broker in the country, had $82 million in commission revenue last year, $700 million in premiums, and 86 offices, according to the Norwest Corp. 1991 annual report.
With National Ag, the insurance subsidiary would rank 11th in the nation, represented by 8,000 agents in 45 states.
Michael Connealy was named president of National Ag, succeeding James Deal, who founded it in 1982. Mr. Connealy was senior vice president of Crop Hail Management, a Norwest Insurance subsidiary.