ACE Group, a multiline property and casualty insurer, has unveiled a new agriculture property and casualty insurance business, known as ACE Agribusiness, in a bid to further reinforce its presence in the sector.
The newly established entity has been formed through the integration of Penn Millers Insurance Company acquired by ACE in 2011, and the Farm and Ranch division of Rain and Hail Insurance Service purchased in 2010.
ACE Agribusiness will provide farm and ranch and specialty property and casualty commercial underwriting products and services to the agriculture market, according to the insurance group.
ACE Agriculture division president Michael Coleman said that the new business will bring its specialty commercial property and casualty expertise to agriculture businesses.
He said that the new business will act as the foundation to expand its substantial agricultural market capabilities through these specialty niche businesses serving the agriculture market.
ACE Group, insurance subsidiary Rain and Hail will remain providing its comprehensive suite of crop products including multi-peril crop insurance, crop hail coverages, and named peril products specific to the agriculture market, under its existing name.
ACE's agriculture businesses, Rain and Hail, and ACE Agribusiness, headquartered in Johnston, Iowa, offer multi-peril crop insurance and crop hail and commercial agricultural insurance to farmers and businesses in the US and Canada.
Trading in 53 nations, ACE offers commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance, and life insurance to a diverse group of clients.