Farmers Mutual Hail Insurance Company of Iowa on Thursday announced the signing of a definitive agreement to acquire John Deere Insurance Company and John Deere Risk Protection, Inc.

FMH Chairman Ron Rutledge said the acquisition offers advantages like greater scale and diversity.

"Our similar company cultures focused around taking care of the customer means all of our policyholders will continue to enjoy the high level of service they've come to expect," he said.

Don Preusser, President of John Deere Insurance Company and John Deere Risk Protection, Inc., said the company is confident that its customers will be well-served by the acquisition.

Acquisition offers advantages like greater scale and diversity, FMH representative says

"Farmers Mutual Hail has provided tailored crop insurance packages to farmers for more than 120 years. We believe the success and long tenure of FMH speaks volumes about their dedication to customer service," he said.

The transaction is subject to regulatory review and approval. Closing is expected in the first quarter of the 2015 calendar year.

Source: FMH/John Deere Crop Insurance