NU Online News Service, Apr. 19, 3:30 p.m. EDT
Sydney, Australia-based QBE Insurance Group Limited announced that it has agreed to acquire NAU Country Insurance Company, a crop insurer, for $565 million, highlighting a diversification goal as an impetus for the deal.
NAU, based in Ramsey, Minn., is the nation's third-largest writer of Multi-Peril Crop Insurance (MPCI), a U.S. Department of Agriculture program that provides protection against weather-related and other unavoidable causes of crop loss. The company operates ten offices across the U.S. and has more than 1,600 independent agents.
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