A news release yesterday from Crop Pro Insurance stated that, “Crop Pro Insurance, a new managing general agent (MGA) specializing in crop insurance, recently received Standard Reinsurance Agreement (SRA) approval as an MGA for an ‘A’ rated insurance company from the United States Department of Agriculture (USDA). The approval makes Crop Pro Insurance one of only 16 companies in the world eligible to participate in the Federal Crop Insurance Program.
“The SRA status is one step in the company’s overall strategic vision to provide risk management solutions for both traditional and emerging agriculture markets.”
The release noted that, “The agriculture industry is already working to address consumer demands for non-GMO food and to develop sustainable growing practices that U.S growers are having difficulty meeting and implementing. New technologies are improving non-GMO yields, but non-GMO crop production is not widely practiced by growers due to the perceived risk involved with forgoing more traditional growing practices.”
“Crop Pro Insurance is in a unique position to alleviate risk and accelerate adoption of emerging technologies with progressive private insurance policies designed to increase yields and maximize premiums for growers,” the release said.
Yesterday’s update added that, “Crop Pro Insurance will focus its initial efforts on 13 core Midwestern states. Working with its select network of agents, the company will begin offering differentiated market solutions for the 2018 spring growing season. The company views the agents as vital partners in advancing the agriculture industry as opposed to a delivery system for its products.”
And, a separate Crop Pro update from yesterday noted that, “Crop Pro Insurance, an insurance and technology firm dedicated to helping farmers manage risk and maximize profitability, today announced the close of an $8 million Series A round of financing co-led by top agriculture investors Finistere Ventures and Seed 2 Growth Ventures (S2G). Established insurance provider GuideOne Insurance also joined the round.
