West Des Moines, Iowa – (AgNewsWire) Farm Bureau Mutual Insurance Company announced today that it has signed a letter of intent to purchase Des Moines-based Crop1 Insurance in early 2006.
Crop1 Insurance will operate as a wholly-owned subsidiary of Farm Bureau Mutual Insurance Company, one of three property-casualty insurance companies managed by FBL Financial Group, Inc. (NYSE: FFG), an insurance and financial services holding company based in West Des Moines.
Crop1 Insurance is a Managing General Agency (MGA) offering the Federal Multi-Peril Crop Insurance (MPCI) program. This federally reinsured MPCI program is offered under the supervision of the Risk Management Agency (RMA) of the United States Department of Agriculture. In 2003, Crop1 became the first company approved by the FCIC to offer the Premium Reduction Plan (PRP). (Full Release)