XL Reinsurance America Inc., a subsidiary of XL Group P.L.C., has acquired Global Ag Insurance Services L.L.C., a Fresno, Calif.-based crop insurance provider.
Global Ag hopes that joining XL will build its teams of adjusters and underwriters and improve delivery of agricultural risk management services, Stamford, Conn.-based XL Reinsurance America said Wednesday in a statement.
The companies have partnered since 2011 to provide crop insurance to U.S. West specialty crop producers and growers through the U.S. Department of Agriculture’s multiperil crop insurance program.
“Our partnership with XL has been instrumental in our success over the past few years. We’re excited about the opportunity to build on that success and drive continued growth by leveraging XL’s global platform, financial strength and proven track record in agricultural risk management,” Global Ag CEO Jordan Roach said in the statement.
“Taking this next step of bringing on board the Global Ag team fully fits with XL’s strategy of adding high-quality teams in attractive markets. We believe now is the time to accelerate growth by leveraging the strength of the XL platform and building upon the success of a regionally focused crop insurance model.” XL President and CEO John Welch said in the statement.
Terms of the acquisition were not disclosed.