September 12, 2008
September 12, 2008 - The U.S. Department of Agriculture's Risk Management Agency (RMA) announced this week that it has approved the Standard Reinsurance Agreement for Hudson Insurance Company and The Insurance Company of the State of Pennsylvania and has approved the Livestock Price Reinsurance Agreement for Casualty Underwriters Insurance Company (CUIC).
"The assets of Hudson Insurance Company, The Insurance Company of the State of Pennsylvania and CUIC represent a welcome addition to the Federal Crop Insurance Program," said RMA Administrator Eldon Gould. "These three companies join existing insurance providers and RMA in our effort to increase coverage and capacity in the Federal Crop Insurance Program, allowing us to provide excellent risk management tools to the American farmer."
The American Sheep and Goat Center (ASGC) is the owner/parent company of CUIC.
"This approval by RMA affords ASGC and CUIC the opportunity to be of further service to the sheep and goat industries," stated Steve Lee, executive director of ASGC. "All profits generated by the sale of price risk insurance through CUIC will be redirected back into the industry in the form of loans and/or grants.
"As this program gets underway, CUIC will be exploring other forms of insurance for ranchers and farmers that will be of mutual benefit and allow more funds to be available to the industry," continued Lee. "The ASGC Board is very proud that CUIC has been approved and is committed to serving the industry with this form of protection. We look forward to many more avenues of service in the future and encourage all members to investigate using insurance as the need arises because of the added advantage of the return back to the industry on that investment."
There are 17 approved insurance providers participating in the 2009 Federal Crop Insurance Program. For a complete list of insurance providers, see the RMA Web site at www3.rma.usda.gov/tools/agents/companies/indexCI.cfm