Capital Farm Credit (CFC) has acquired Bennett Crop Insurance and Taylor Crop Insurance, two agencies located in the Texas Plains Region.
The financial details of the transaction have not been disclosed.
The two acquired agencies, Bennett and Taylor, are independent insurance agencies that were previously headquartered near Lubbock, Texas.
Bennett Crop Insurance, situated in Brownfield, Texas, has been operating as a family-owned business since 2004, serving multiple counties in the Texas Panhandle.
Taylor Crop Insurance, with over 40 years of experience, started as a family-owned agency in Ropesville, Texas, and primarily serves cotton producers in Lubbock and Hockley counties.
With this acquisition, CFC adds nine new employees and two new locations to its insurance services group.
This expansion is expected to enhance CFC's service offerings in the region.
The clients of acquired entities will continue to work with the same agents at their familiar locations.
Capital Farm Credit president and CEO Jeff Norte said: “There are headwinds in the insurance marketplace right now, after several back-to-back years of losses in the Plains. This environment offers us an opportunity to increase our footprint in this important agricultural region, where insurance providers are less willing to offer coverage. It also allows us to work with our Approved Insurance Providers to offer coverage to the Plains as we give them access to the remainder of the state. CFC has an attractive footprint across Texas.”
“This is an exciting week, as we are adding new team members to our family and expanding our insurance portfolio. Acquiring these two agencies will help combine forces to expand the reach and influence needed to continue serving customers in the Plains Region.”
CFC has been providing crop and livestock insurance for more than 10 years and has recently been working on improving its lending practices and cultivating new agricultural production loan customers, alongside growing its crop insurance sales.
Source -https://finance.yahoo.com
