West Des Moines, Iowa-based Farmers Mutual Hail Insurance Co. of Iowa has signed an agreement to acquire John Deere Insurance Co. and John Deere Risk Protection Inc., Johnstown, Iowa.
The agreement is subject to regulatory approval, according to a news release. Closing is expected during the first quarter of 2015.
Deere entered the crop insurance business nine years ago with national products. The company offered both government-backed multi-peril crop insurance as well as private crop insurance policities, such as crop hail production.
The family-owned Farmers Mutual Hail, founded in 1893, also offers a portfolio of private and federal crop insurance, reinsurance products and services, and farm and ranch insurance that includes auto, property and liability.