Tokio Marine is set to conclude a shopping spree as it brings to a close a deal to acquire International Ag Insurance Solutions.
The $2.3 billion company made the acquisition through its subsidiary Producers Ag Insurance Group (ProAg), which was in turn acquired in 2014 for $110 million.
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“ProAg believes International Ag provides a complementary platform to add business from a strong group of independent agents, while improving our profitability and enhancing our diversified portfolio,” Amarillo Globe-News quoted ProAg president and chief executive Michael Connealy as saying.
ProAg’s primary market is the agricultural sector, specifically farmers. It employs 400 staff and wrote $600 million in earned premiums in 2013. Similarly, International Ag is focused on the agricultural sector, with a particular niche in crop insurance for natural events.
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