FMH makes first international acquisition with Palliser deal

By Chris Munro

Feb 4 - (The Insurer) - Farmers Mutual Hail Insurance Company of Iowa (FMH) has made its second acquisition in less than a year and its first outside the US after agreeing a deal for Canadian company Palliser Insurance.

The transaction strengthen FMH's existing ties with Palliser. Prior to the acquisition, West Des Moines-based FMH held a 20 percent stake in Palliser, with various of its senior executives sitting on the Canadian company’s board.

FMH and Palliser have been partners for more than three decades.

Described by FMH as “a leading crop hail insurance provider”, Saskatoon, Saskatchewan-based Palliser writes crop hail insurance across western Canada.

Following the acquisition, FMH will continue to support Palliser’s push to expand and grow its relationships.

“I am excited about this partnership and the impact it will have as we continue to expand and diversify our footprint,” said FMH’s president and CEO Shannon Rutledge.

“The regional expertise, knowledge and accomplishments that the Palliser team brings with them will contribute to our long-term strategy of strengthening and enhancing our core crop insurance business,” Rutledge added.

Palliser’s president and CEO Ken Doleman said FMH has been a valued business partner for his company since 2008.

“Our common culture and shared values, combined with FMH's long-standing expertise in crop insurance will serve to strengthen our deep commitment and value-added approach to service excellence,” he added.

FMH has served US farmers since 1893. Last year, the company announced the acquisition of crop insurance provider Global Ag Insurance Services from Axa XL.

According to statutory figures compiled by S&P Capital IQ, in the nine months to 30 September 2024, FMH generated $1.57bn of direct premiums written, an uptick on the $1.24bn written in 2023, and the $1.25bn it booked in 2022.