CUNA Mutual Group said it has closed on its purchase agreement with Producers Ag Insurance Group to become the sole owner of the crop insurer.

ProAg, the sixth-largest writer of multi-peril crop insurance in the country, will operate as a stand-alone subsidiary of CUNA Mutual, the company said. The acquisition supports CUNA Mutual's need to identify new growth opportunities and diversify the risks it insures. The agreement with the Amarillo, Texas-based crop insurer also aims to enhance CUNA Mutual's flexibility and financial strength while enabling ProAg to continue to expand its business.

Since its partnership was formed with CUNA Mutual in 2006, ProAg has grown from a 70 employee company doing business in 25 states to a 390 employee enterprise serving more than 40 states, according to CUNA Mutual.