PHILADELPHIA--(BUSINESS WIRE)--The ACE Group today announced the formation of its agriculture property and casualty insurance business, ACE Agribusiness. ACE Agribusiness is comprised of Penn Millers Insurance Company, acquired by ACE in 2011, and the Farm and Ranch division of Rain and Hail Insurance Service, acquired by ACE in 2010.
ACE Agribusiness will offer farm and ranch and specialty property and casualty commercial insurance products and services to the agriculture market.
â€œUnifying the Penn Millers commercial agricultural business and Rain and Hailâ€™s Farm and Ranch division under the new name -- ACE Agribusiness -- strengthens ACEâ€™s offerings in this segment. It also builds upon ACEâ€™s leading franchise, broadening our portfolio in this market, by bringing ACEâ€™s specialty commercial property and casualty expertise to agriculture businesses,â€ said Michael Coleman, Division President, ACE Agriculture. â€œWeâ€™re pleased to have the opportunity to align these combined property and casualty offerings under the ACE brand. And weâ€™re pleased to expand our substantial agricultural market capabilities through these specialty niche businesses serving the agriculture market.â€
Rain and Hail, an insurance subsidiary of the ACE Group, will continue to offer 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.
ACEâ€™s agriculture businesses, Rain and Hail, and ACE Agribusiness, headquartered in Johnston, Iowa, is one of the largest providers of multi-peril crop insurance and a leading provider of crop hail and commercial agricultural insurance to farmers and businesses in the United States and Canada. The ACE Group is one of the worldâ€™s largest multiline property and casualty insurers. With operations in 53 countries, ACE provides commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance, and life insurance to a diverse group of clients. ACE Limited, the parent company of the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com.