RenaissanceRe Holdings Ltd. in Bermuda said today it has agreed to acquire the assets of Agro National, a managing general underwriter of crop insurance.

The purchase price not announced.

RenRe said that Agro National, which is headquartered in Council Bluffs, Iowa, will become part of the Glencoe Group, a division of RenaissanceRe that writes specialty program business through admitted and nonadmitted carriers.

Glencoe has partnered with Agro National over the past four years to write multiperil crop policies in the Federal Crop Insurance Program, RenRe said.

In a statement, Neill A. Currie, president and chief executive officer of RenaissanceRe, said, “Agro National has been an important partner to the Glencoe Group, and we know first-hand the quality of the team that is joining our organization.”

He also noted that the agricultural marketplace has excellent growth prospects and that the acquisition provides a means for RenRe to expand the resources it commits to that this market.

The deal, which is subject to regulatory approval, is expected to be completed in the second quarter.

RenRe is not the only Bermuda-based company to target a crop insurer in recent months. In third-quarter 2007, Bermuda-based Endurance Specialty acquired ARMTech, a Texas-based managing general agency specializing in underwriting U.S. federally sponsored crop insurance.

Special Reports /

RenRe Buying Crop Insurance MGA

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