Chicago, USA based ADM (Archer Daniels Midland) to sell its (CRS) business to Validus Holdings for $127.5 million.
The deal is still subject to regulatory approvals and is set to close in first half of 2017. After the deal it is expected that almost all the employees will be transferred to CRS business under Validus.
Validus as a company provides insurance, reinsurance and investment services across globe with its 800 workforce.
About ADM Crop Risk Services
ADM Crop Risk Services (CRS) is a Decatur, Illinois-based primary crop insurance company. CRS was first established in 1982 as ASI AgriServe Inc. In 2010, ADM acquired 100 percent of the shares of ASI, and the company became ADM Crop Risk Services.
Archer Daniels Midland Company (ADM) is an American global food processing and commodities trading corporation, headquartered in Chicago, Illinois.
The company operates more than 270 plants and 420 crop procurement facilities worldwide, where cereal grains and oilseeds are processed into products used in food, beverage, nutraceutical, industrial, and animal feed markets worldwide. The company also provides agricultural storage and transportation services.
About Validus Holdings
Validus Holdings is a holding company incorporated on October 19, 2005. The Company conducts its operations through four operating segments: Validus Re, Talbot, Western World and AlphaCat.
Validus Re is a Bermuda-based reinsurance segment focused treaty reinsurance.
Talbot is a specialty insurance segment operating within the Lloyd’s insurance market through Syndicate 1183.
Western World is a specialty excess and surplus lines insurance segment operating within the United States commercial market.
AlphaCat is a Bermuda-based investment advisor, managing capital from third parties and the Company in insurance linked securities and other investments in the property catastrophe reinsurance space.