Zurich to Buy Crop Insurer RCIS
Zurich Insurance Group announced that it has agreed to buy U.S. agricultural insurer Rural Community Insurance Services, a unit of Wells Fargo, for up to $1.05 billion. The crop insurance deal is expected to close in the first quarter of 2016. Rural Community Insurance Services is one of the largest crop insurance providers in the United States. It posted $2.1 billion in gross written premiums in 2014. Zurich has about $3 billion in excess capital that it plans to invest in its business or return to its investors by the end of 2016.