CUNA Mutual Group has reached agreement with Producers Ag Insurance Group to become sole owner of the multi-peril crop insurer, serving farmers and agricultural producers nationwide.
The move is part of CUNA Mutual's strategy to identify new growth opportunities and diversify the risks it insures.
In 2006, CUNA Mutual began serving as the lead reinsurer for ProAg as a direct writer of crop insurance and in 2007, it acquired a minority ownership position in ProAg.
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Since joining forces, ProAg has grown from a 70-employee company doing business in 25 states to a 400-employee company serving more than 40 states. So far ProAg is on pace to generate more than $530 million in premium in 2009.
ProAg will operate as a stand alone subsidiary of CUNA Mutual.
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