CropUSA Press Releases

7/10/06 - RMA Approves 2007 SRA with Clearwater Insurance

RMA Approves 2007 SRA with Clearwater Insurance 7/10/06 CropUSA Insurance Agency, Inc. has entered into a strategic alliance for the 2007 crop year with Clearwater Insurance Company, a member of the Hudson Insurance Group and a subsidiary of Odyssey Re Holdings Corp. OdysseyRe operates globally, through four divisions and 15 offices, and is supported by over $2 billion of policyholder surplus. Clearwater Insurance Company is rated “A” (Excellent) XV by A.M. Best and is a widely-licensed insurance company with over $600 million in policyholder surplus. Other companies in the Hudson Insurance Group are Hudson Insurance Company and Clearwater Select Insurance Company which, along with Clearwater Insurance Company, operate as admitted carriers. The fourth member of the group, Hudson Specialty Insurance Company, operates predominantly on a non-admitted basis. Clearwater Insurance Company, with CropUSA as its managing general underwriter, was approved by the RMA to sell multiple peril crop insurance and has received a Standard Reinsurance Agreement (SRA) for the 2007 crop year. Clearwater Insurance Company and CropUSA will also market other crop insurance products, including crop hail and named peril crop insurance. Kent Petersen, President of CropUSA, said “The opportunities presented to CropUSA by this partnership are many. It allows us, and our agents, to work with a well-capitalized, highly-rated insurance company, which adds to our credibility. Because Clearwater Insurance Company is so widely licensed, it presents us with the opportunity to expand into many additional states as we develop relationships with growers’ associations in new territories. Clearwater Insurance Company’s broad licensing and excellent security allow for a much more rapid and profitable expansion of our business. On behalf of CropUSA, Growers National Cooperative and all of our employees, we welcome this arrangement and the opportunities it offers.” CropUSA will soon be unveiling a new logo and promotional materials as it begins a new era of developing specialized programs for its client farm associations. CropUSA is the exclusive agent for Clearwater Insurance Company for its Federal Crop Insurance Program. CropUSA also manages Growers National Co-op (GNC). GNC is a farmer-owned insurance agency that distributes MPCI and named peril products primarily to members of sponsoring grower associations, who are shareholders of the co-op and sponsors of the program. CropUSA proudly represents these recognized associations: Arkansas Association of Wheat Growers, Indiana Soybean Growers Association, Iowa Corn Growers Association, Kansas Association of Wheat Growers, Kansas Soybean Association, Minnesota Soybean Growers Association, National Growers & Stockmen Association, Nebraska Soybean Association, Nebraska Wheat Growers Association, North Dakota Grain Growers Association, North Dakota Soybean Growers Association, Potato Growers of Idaho, Inc., South Dakota Wheat, Inc., and Texas Wheat Producers Association.