August 22, 2008
August 22, 2008 - The American Sheep and Goat Center's (ASGC) insurance company, Casualty Underwriter's Insurance Company (CUIC), received approval on Thursday for the Livestock Price Reinsurance Agreement (LPRA), from the U.S. Department of Agriculture's (USDA) Risk Management Agency. The LPRA allows an insurance company to sell through the USDA crop insurance system.
CUIC is now approved for the 2009 reinsurance year, which began July 1, 2008. The CUIC will offer Livestock Risk Protection-Lamb insurance and other livestock insurance through the Food and Fiber Risk Managers LLC (FFRM). FFRM is a wholly owned insurance subsidiary of the American Sheep Industry Association (ASI). The long-term goal is to make CUIC and FFRM profitable enough to generate capital that could be used to fund activities that benefit the industry.
"We congratulate CUIC and FFRM and look forward to working further with the insurance company in service to the nation's lamb producers and feeders," said Burdell Johnson, ASI president.