Silveus to buy Cargill crop insurance agency
Minneapolis - Dec. 29, 2015 - Silveus Insurance Group and Cargill said they have reached an agreement under which Cargill will sell its crop insurance agency, Cargill Crop Insurance LLC (CCI), to Silveus.
The transaction is expected to close in mid-January. Terms were not disclosed.
Silveus is one of the largest crop insurance agencies in the United States. “My family has helped farm clients manage risk for four generations,” said Tyler Silveus, CEO of Silveus, which is based in Warsaw, Ind., said: “We look forward to getting to know and welcoming to Silveus each farm family, agent, and staff that has been associated with Cargill Crop Insurance.”
Cargill entered the crop insurance agency business in 2007. “The mission of our grain and crop inputs businesses is to effectively and efficiently help farmers make the most of their investments in agriculture, and help them manage their risks.” said Dave Baudler, president of Cargill AgHorizons U.S., which includes the company’s network of grain elevators and farm service centers in the country. “We believe we can accomplish this mission through our core grain marketing and risk management programs without being directly involved in the sale of Crop Insurance”.
Jeff Klock, president of Cargill Crop Insurance, said: “Cargill chose Silveus because of their strong focus on crop insurance, exceptional capability to serve their customers, and the industry leading tools it has developed to help farmers manage risk. Our customers will have an opportunity to benefit from these tools immediately upon the close of this transaction.”
Silveus said the acquisition of Cargill Crop Insurance is the first significant purchase the company has made in the crop insurance area. “Acquiring the Cargill business will help us accelerate growth and fuel additional innovation that provides additional value to our farmer clients,” he said.
Mark Klein, (952) 742-6211, [email protected]
Silveus Insurance Group, Inc.’s mission is to help the American farmer manage the financial risks associated with producing a crop. Our fourth generation family owned and operated business has over 80 crop insurance agents who build strong relationships with their farm clients, assisting them with crop insurance to help assure that their farms can thrive through turbulent times. We work with clients nationwide, helping to provide stability to the farm economy and the rural communities where our clients live and raise their families. Find out more at Silveus.com.
Cargill provides food, agriculture, financial and industrial products and services to the world. Together with farmers, customers, governments and communities, we help people thrive by applying our insights and 150 years of experience. We have 155,000 employees in 68 countries who are committed to feeding the world in a responsible way, reducing environmental impact and improving the communities where we live and work. For more information, visit Cargill.com and our News Center.