ARMtech Insurance Services, a Lubbock, Texas-based crop insurer, will be acquired by a holding company for Endurance Specialty Holdings Ltd., in Bermuda, a property-casualty insurance and reinsurance provider, it was announced.
Financial terms of the transaction were not disclosed. ARMtech, according to Endurance, is the fifth largest underwriter of U.S. federally sponsored crop insurance, with $410 million in total premiums in 2007.
Endurance said that under its ownership, ARMtech will have the benefits of an expanded balance sheet, which in turn will position ARMtech for further development of its business.
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