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A John Deere tractor in action.
(Bloomberg) — Deere & Co., the world’s largest manufacturer or agricultural machinery, agreed to sell its crop insurance segment to Farmers Mutual Hail Insurance Co. of Iowa, retreating from a business that suffered years of losses.

The sale comprises John Deere Insurance Co. and John Deere Risk Protection, Moline, Illinois-based Deere said today in a statement. No terms were disclosed.

The West Des Moines, Iowa-based buyer, which was founded in 1893, is counting on more demand as farm production expands to meet the needs of a growing population. Companies including Wells Fargo & Co. and Ace Ltd. historically profited through the coverage, which is partly backed by U.S. taxpayers. Deere’s push into multiple peril crop insurance, or MPCI, was followed by record drought and a plunge of corn prices, which fueled higher- than-expected claims in 2012 and 2013.

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