• You will need to login or register before you can post a message. If you already have an Agriville account login by clicking the login icon on the top right corner of the page. If you are a new user you will need to Register.

Announcement

Collapse
No announcement yet.

U.S. crop insurance company folds

Collapse
X
Collapse
 
  • Filter
  • Time
  • Show
Clear All
new posts

    U.S. crop insurance company folds

    Largest U.S. crop insurance company folds
    Farmers should see little effect
    By Jerry W. Kram
    Agweek Staff Writer

    "The largest crop insurance company in the United States has been taken over by regulators, but farmers should see few effects from the collapse of American Growers Insurance Co.
    The Nebraska Department of Insurance issued an Order of Supervision Nov. 25 because the company's reserves fell from $75 million to $11 million between Dec. 31, 2001 and Sept. 30. The order gives the agency veto power over most of the company's financial transactions and prohibits the company from issuing any new crop insurance policies.
    Acceptance Insurance, through its subsidiaries American Growers and American Agrisurance, also known as AmAg, is the nation's largest provider of crop insurance. It held an estimated market share of 20 percent to 25 percent of all U.S. crop insurance policies. It was the first company to introduce Crop Revenue Coverage in 1996."...

    "Drought casualty
    Acceptance Insurance reported a $131 million loss in the third quarter of 2001. About half of those losses were attributed crop insurance losses because of widespread drought and other abnormal weather conditions."

    http://www.grandforks.com/mld/agweek/4798332.htm

    Charlie;
    It is very interesting how the USDA still pays when these insurance issuers lost all this extra money.
    How will this years’ drought in Alberta effect AFSC?

    Will the Alberta government (treasury) kick in the extra, since it has been reaping the interest from the crop insurance surplus funds for many years?
  • Reply to this Thread
  • Return to Topic List
Working...
X

This website uses tracking tools, including cookies. We use these technologies for a variety of reasons, including to recognize new and past website users, to customize your experience, perform analytics and deliver personalized advertising on our sites, apps and newsletters and across the Internet based on your interests.
You agree to our and by clicking I agree.