Sign Zurich American Insurance has completed its acquisition of Rural Community Insurance Agency (RCIA) and its subsidiary Rural Community Insurance Co (RCIC) from Wells Fargo Insurance for $700m; the two crop businesses are among the country's largest crop insurance providers, reporting around $1.9bn in gross written premiums in 2015, which is about 20% of the estimated $10bn market. The deal will give RCII a presence across Australia with more than 100 staff based at offices in Sydney, Melbourne and Brisbane.
Zurich American Insurance has completed its acquisition of Rural Community Insurance Agency (RCIA) and its subsidiary Rural Community Insurance Co (RCIC) from Wells Fargo Insurance for $700m; the two crop businesses are among the country's largest crop insurance providers, reporting around $1.9bn in gross written premiums in 2015, which is about 20% of the estimated $10bn market. The deal will give RCII a presence across Australia with more than 100 staff based at offices in Sydney, Melbourne and Brisbane.