Archer Daniels Midland Company (NYSE: ADM) announced today that its
wholly owned subsidiary, Agrinational Insurance Company, has acquired 50
percent of the shares of Agriserve Inc. (ASI). Agrinational has also
acquired an option to purchase the remaining shares of Agriserve at a
future date.
Agriserve was established in 1982 to provide farmers with affordable
crop income protection. Through the partnership, ADM will add
Agriserve’s expertise in crop insurance to its portfolio of grain
merchandising services.
“This partnership will help us increase the profitability of our crop
insurance business by working to develop products that will enhance
ADM’s grain marketing activities,” said David Johnson, president,
Agriserve.
“By working with Agriserve, ADM will be able to offer farmers the
convenience of marketing their grain and purchasing crop insurance from
one place,” said Michael Lusk, vice president, Insurance and Risk
Management, ADM. “We look forward to working with Agriserve to provide
farmers with valuable tools and services to help manage their business.”
About Agriserve
Agriserve Inc., located in Findlay, Ill., has served as Agrinational's
managing general agent for crop insurance business since 2005. Agriserve
writes multi-peril crop insurance and crop hail insurance in 32 states.
Agriserve has set itself apart in the crop insurance business by
developing a core of agents committed to providing quality products and
services to insure America's harvest. For more information visit http://www.asi-agriserve.com/
About ADM
Every day, the 27,000 people of Archer Daniels Midland Company (NYSE:
ADM) turn crops into renewable products that meet the demands of a
growing world. At more than 240 processing plants, we convert corn,
oilseeds, wheat and cocoa into products for food, animal feed, chemical
and energy uses. We operate the world’s premier crop origination and
transportation network, connecting crops and markets in more than 60
countries. Our global headquarters is in Decatur, Illinois, and our net
sales for the fiscal year ended June 30, 2008, were $70 billion. For
more information about our Company and our products, visit www.adm.com.
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