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CUNA Mutuals crop insurance provides flood relief
MADISON, Wis. (6/16/08)--CUNA Mutual Group can help with recent flood relief efforts in the Midwest since it provides multi-peril crop insurance coverage to farmers and agricultural producers nationwide. Crop insurance protects farmers from financial losses that result from natural causes such as drought, excessive moisture, hail, wind, frost, insects and disease. Multi-Peril Crop Insurance is a $5-billion industry in the U.S., CUNA Mutual said. In 2007, CUNA Mutual and partner Producers Ag Insurance Group (Pro Ag) reported a combined total of $350 million in premiums paid for crop insurance, Phil Tschudy, CUNA Mutual media relations manager, told News Now. “As far as potential losses and claims, it is too early to assess now,” Tschudy explained. “Adjusters won’t be able to get to affected areas until flood waters recede, and some of the crops might be replanted yet. However, there will be an impact in areas where we write business.” CUNA Mutual entered into an agreement in August 2006 with Pro Ag, an Amarillo, Texas-based crop insurer. CUNA Mutual purchased a minority ownership share in the company in September 2007. “Our investment in Pro Ag and the crop insurance business is an example of CUNA Mutual growing in the right direction,” Jeff Post, president/CEO of CUNA Mutual, said at the time of the purchase. “At the same time we build capacity for growth, we remain firmly committed to the credit union market. The values that have served us well with credit unions will also serve as strengths in serving America’s farmers.” The agreement will enhance CUNA Mutual’s flexibility and financial strength through profitable revenue growth, improve the diversity of products, and create opportunities to help credit unions grow membership. “Credit union CEOs have told me repeatedly that membership growth is their No. 1 issue. By expanding into crop insurance, we can grow our company and contribute to the growth of credit unions,” Post said. “We will continue to explore strategic partnerships that can help CUNA Mutual, and credit unions grow in the future. “America's farmers share many of the values of the credit union movement and the cooperative spirit--with numerous cooperative businesses supporting the farming industry,” Post added. “I’m pleased we can promote the value of credit union membership and products to the farming industry.”
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