November 14, 2008
ADM obtains 50 percent of Agriserve Inc. shares
Wholly-owned subsidiary, Agrinational Insurance Company of Archer Daniels Midland Co. (ADM), has acquired 50 percent of shares in Agriserve Inc (November 11, 2008).
An option to purchase the remaining shares of Agriserve at a later date has also been acquired by Agrinational.
Agriserve was established in 1982 to provide farmers with affordable crop income protection.
ADM, one of the world's largest agricultural processors of soy
and cocoa, will add Agriserve's expertise in crop insurance to its portfolio of grain merchandising services through the partnership.
David Johnson, President of Agriserve mentioned that this partnership will help them increase the profitability of their crop insurance business by working to develop products that will enhance ADM's grain marketing activities.
By working with Agriserve, ADM will be able to offer farmers the convenience of marketing their grain and purchasing crop insurance from one place, as said by Michael Lusk, Vice-President of Insurance and Risk Management, ADM.