Capital Farm Credit score (CFC) has acquired Bennett Crop Insurance coverage and Taylor Crop Insurance coverage, two businesses situated within the Texas Plains Area.
The monetary particulars of the transaction haven’t been disclosed.
The 2 acquired businesses, Bennett and Taylor, are unbiased insurance coverage businesses that have been beforehand headquartered close to Lubbock, Texas.
Bennett Crop Insurance coverage, located in Brownfield, Texas, has been working as a family-owned enterprise since 2004, serving a number of counties within the Texas Panhandle.
Taylor Crop Insurance coverage, with over 40 years of expertise, began as a family-owned company in Ropesville, Texas, and primarily serves cotton producers in Lubbock and Hockley counties.
With this acquisition, CFC provides 9 new workers and two new areas to its insurance coverage companies group.
This growth is predicted to boost CFC’s service choices within the area.
The shoppers of acquired entities will proceed to work with the identical brokers at their acquainted areas.
Capital Farm Credit score president and CEO Jeff Norte mentioned: “There are headwinds within the insurance coverage market proper now, after a number of back-to-back years of losses within the Plains. This atmosphere affords us a possibility to extend our footprint on this vital agricultural area, the place insurance coverage suppliers are much less keen to supply protection. It additionally permits us to work with our Accepted Insurance coverage Suppliers to supply protection to the Plains as we give them entry to the rest of the state. CFC has a gorgeous footprint throughout Texas.”
“That is an thrilling week, as we’re including new group members to our household and increasing our insurance coverage portfolio. Buying these two businesses will assist mix forces to develop the attain and affect wanted to proceed serving prospects within the Plains Area.”
CFC has been offering crop and livestock insurance coverage for greater than 10 years and has just lately been engaged on bettering its lending practices and cultivating new agricultural manufacturing mortgage prospects, alongside rising its crop insurance coverage gross sales.
