Farmers Mutual Hail Insurance Expands with Palliser Acquisition
Deal News | Feb 07, 2025 | EIN
Farmers Mutual Hail Insurance Company of Iowa (FMH) has announced the acquisition of Palliser Insurance, a Canadian crop hail insurance provider based in Saskatoon. The acquisition marks FMH's first purchase of a non-U.S. company, enhancing its footprint in the crop insurance industry with Palliser's regional expertise in Western Canada. FMH, which already had a 20% stake in Palliser, looks forward to strengthening its core business through this strategic move. Separately, a pre-amalgamation agreement has been signed between three Ontario mutual insurers: Caradoc Townsend Mutual, Grenville Mutual, and Lambton Mutual. This agreement is aimed at creating a strategic partnership that will enhance service offerings while maintaining local connections. The amalgamation requires regulatory approval and policyholder consent.
Sectors
- Insurance
- Agriculture
Geography
- Canada – The article highlights the acquisition of a Canadian company and the amalgamation of Ontario mutual companies.
- United States – The acquiring company, Farmers Mutual Hail Insurance, is based in the U.S., specifically in Iowa.
Industry
- Insurance – The article discusses mergers and acquisitions within the mutual insurance industry, highlighting strategic expansion and partnerships.
- Agriculture – The focus on crop hail insurance services provided by Palliser and FMH's interest reinforces the significance of the agriculture sector.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Farmers Mutual Hail Insurance Company of Iowa (FMH) | Bidding Company/Buyer | Company | A U.S.-based mutual insurance company providing risk management solutions, including crop insurance. |
| Palliser Insurance | Target Company | Company | A Canadian crop hail insurance provider headquartered in Saskatoon, Western Canada. |
| Caradoc Townsend Mutual | Target Company (Amalgamation Participant) | Company | One of the three Ontario mutual insurance companies entering a strategic partnership. |
| Grenville Mutual | Target Company (Amalgamation Participant) | Company | One of the three Ontario mutual insurance companies entering a strategic partnership. |
| Lambton Mutual | Target Company (Amalgamation Participant) | Company | One of the three Ontario mutual insurance companies entering a strategic partnership. |
| Financial Services Regulatory Authority of Ontario | Regulatory Body | Government | The regulator whose approval is required for the Ontario mutuals' amalgamation. |