Symons International Group, Inc., a nonstandard automobile insurer, and Acceptance Insurance Companies Inc. signed a definitive agreement for American Agrisurance® and other Acceptance affiliates to purchase the crop insurance assets of IGF Insurance Company, the nations fifth largest crop insurance company. American Agrisurance and its affiliates comprise the nations third largest crop insurance company.
The purchase is subject only to regulatory approvals, which the companies expect to receive before the end of June.
Symons International Group Inc. is retaining the ownership of IGF Insurance Company and from the proceeds of the sale will enhance liquidity in its insurance company subsidiaries.
Symons International Group is an insurance holding company and through its subsidiaries, Superior Insurance Company and Pafco General Insurance Company, provides non-standard automobile insurance.
Acceptance Insurance Companies Inc. also is an insurance holding company providing agricultural risk management products and services throughout the United States. American Agrisurance, the companies wholly owned crop insurance marketing subsidiary, is a recognized leader in the crop insurance industry.