Deere & Co. (NYSE: DE) has reached a definitive agreement to sell its crop insurance business, subject to regulatory approval, to Farmers Mutual Hail Insurance Company of Iowa (FMH), headquartered in West Des Moines, Iowa.
The action is a result of Deere’s previously announced review of strategic options for the crop insurance business. The agreement will result in Deere selling both John Deere Insurance Company and John Deere Risk Protection, Inc., which together made up the crop insurance business unit of John Deere Financial.
“We are confident that customers of John Deere crop insurance will be well served with this action,” said