Deere completes sale of insurance business

A West Des Moines insurance company has completed its acquisition of Deere & Co.'s crop insurance division.

Farmers Mutual Hail Insurance Co. announced the completion of the sale Tuesday. The company bought John Deere Insurance Co. and John Deere Risk Protection.

The purchase greatly expands the reach of Farmers Mutual Hail.

Debbie Ladehoff, an assistant vice president with Farmers Mutual Hail, said the company had a presence in 15 states, primarily in the Central U.S. With the Deere divisions, she said the company now has a reach to 39 states.

Farmers Mutual Hail has about 350 employees, Ladehoff said.

She said Farmers Mutual Hail will keep the about 145 employees who worked for the Deere crop insurance business.

The price of the sale was not disclosed.

Moline, Ill.-based Deere started looking for buyers of the crop insurance division in September. Both divisions were part of Johnston-based John Deere Financial.