Deere & Company announced today it is establishing John Deere Insurance Company, which is aimed at strengthening the company's position in the crop insurance industry. John Deere Risk Protection entered the crop insurance market in 2005 as a managing general agency and has leveraged its brand in that capacity.
In a press statement, Don Preusser, president of John Deere Insurances, notes the move will "allow us to further invest in the future of agricultural insurance and is part of an ongoing commitment to our John Deere crop insurance agencies and customers."
The move is subject to federal regulatory approval, but the entity expects to become an Approved Insurance Provider of the Federal Multiple Peril Crop Insurance program. The company would operate the business in 40 states.