Hoosier Company Acquires Cargill Crop Insurance

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WARSAW -

Warsaw-based Silveus Insurance Group Inc. has acquired a unit of a massive, global business. The fourth-generation, family-owned company says the acquisition of Cargill Crop Insurance LLC is its first "significant purchase" in the crop insurance area.

Terms of the deal are not being disclosed. Cargill got into crop insurance in 2007. Cargill AgHorizons U.S. President Dave Baudler says "we believe we can accomplish this mission through our core grain marketing and risk management programs without being directly involved in the sale of crop insurance."

SIG Chief Executive Officer Tyler Silveus says "acquiring the Cargill business will help us accelerate growth and fuel additional innovation that provides additional value to our farmer clients."

The acquisition was first announced at the end of last year. SIG says it has 80 crop insurance agents throughout the country. Silveus was founded in 1940.

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