INDIANAPOLIS – In a $21 million transaction, Indiana Farm Bureau Insurance Companies has acquired Agway Insurance Company.
Meanwhile, Farm Bureau also announced that Agway Insurance Company will be renamed Countryway Insurance Company, effective immediately.
Approval process. Farm Bureau had declared in mid-June its intent to purchase 100 percent of the stock of the DeWitt, N.Y., insurance firm but needed regulatory approval before completing the deal.
Agway Insurance Company previously was a wholly-owned subsidiary of Agway, Inc. The name change was part of the acquisition agreement.
“We’re pleased that the approval process went so quickly and smoothly,” said Don Villwock, Farm Bureau president.
“We now can benefit from the great synergy between Farm Bureau and Countryway and extend our services to farmers as well as other customers beyond Indiana’s borders.”
Core values. “We believe Indiana Farm Bureau Insurance is a great match all the way around for Agway Insurance and its employees,” said Agway CEO Don Cardarelli.
“Indiana Farm Bureau is strongly committed to farm and rural customers, has similar product lines, and is dedicated to the same core values. The sale also is an important step in helping Agway Inc. improve its financial profile.”
Countryway will remain a separate entity headquartered in DeWitt and will retain most of its employees, according to Villwock.
It will continue to operate as a property and casualty insurance company through 300 independent agents in New England, New York, New Jersey, Pennsylvania, Kentucky and Virginia.
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