HCC Insurance Closes $105 Mln Purchase Of Producers Ag Insurance

(RTTNews) - HCC Insurance Holdings Inc (HCC) on Friday said it has completed the acquisition of Producers Ag Insurance Group Inc (ProAg) from CUNA Mutual Group in an all-cash purchase of ProAg's capital stock for about $105 million. This acquisition marks HCC's entry into the crop insurance business.

ProAg is a writer of crop insurance in the United States with gross earned premiums of $633.5 million in 2013. The company is headquartered in Amarillo, Texas with seven offices across the United States. ProAg employs approximately 500 people supporting operations in 41 states.