US-based Starr Indemnity and Liability is the latest re/insurer to develop its agricultural business, having received approval from the Risk Management Agency of the US Department of Agriculture to participate as an ‘approved insurance provider’ in 2013’s federal multi-peril crop insurance programme.
The move by Starr echoes that of Bermuda-based Validus, which recently bought specialist crop reinsurer, Longhorn Re as it looks to develop its operations. Other players active or developing a presence in agricultural business include Bermuda’s ACE, Australia’s QBE and the US’s Wells Fargo.
Commenting on the move to Bermuda Re, Charles Dangelo, president and CEO of Starr Indemnity & Liability said: “Starr’s involvement in the Federal Multi Peril Crop Insurance Program is one which we are all very proud of. There are a number of senior executives at Starr with experience in the crop insurance field making this announced partnership even more compatible from a business standpoint.
“This is a multi-state program, but Starr’s focus will be on the mid-west region and in particular Iowa, Illinois, and Indiana. We have a great managing general agent in Iowa-based International Ag Insurance Solutions LLC. The variety of crops covered is diverse but soybean, wheat, and corn are key items Starr will be insuring.”
Starr Indemnity and Liability, agriculture, US, insurance, crop