Farmers Mutual Hail Insurance Co. of Iowa has bought Canadian crop insurer Palliser Insurance.
Farmers Mutual Hail previously owned 20% of Palliser, which is based in Saskatoon, Saskatchewan, and offers crop hail insurance throughout western Canada, according to an FMH press release.
"I am excited about this partnership and the impact it will have as we continue to expand and diversify our footprint,” said FMH President and CEO Shannon Rutledge. “The regional expertise, knowledge and accomplishments that the Palliser team brings with them will contribute to our long-term strategy of strengthening and enhancing our core crop insurance business.”
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It is FMH’s first acquisition of a non-U.S. company. The release didn’t provide details on terms of the acquisition.
“FMH has been a valued business partner with Palliser since 2008, recognizing and respecting our important legacy, role, and dedication to serving the western Canadian agricultural community,” said Palliser President and CEO Ken Doleman.
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