Validus acquires ADM crop insurance group for $127.5mn

Validus has agreed to buy a crop insurance group from
agribusiness giant Archer Daniels Midland (ADM) for $127.5mn in
cash, the insurer said today.
The Crop Risk Services (CRS) unit is a primary crop insurance
general agent with $548.9mn in gross premiums written for the 2016
reinsurance year and 1,170 agents across 36 states, Validus said in
a statement announcing the transaction.
The deal is expected to close in the second quarter of this
year, subject to regulatory approvals and...