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ADM Acquires Shares Of Agriserve Inc.

11/10/2008
Archer Daniels Midland Company (NYSE: ADM) announced today that its wholly owned subsidiary, Agrinational Insurance Company, has acquired 50 percent of the shares of Agriserve Inc. (ASI). Agrinational has also acquired an option to purchase the remaining shares of Agriserve at a future date.

Agriserve was established in 1982 to provide farmers with affordable crop income protection. Through the partnership, ADM will add Agriserve’s expertise in crop insurance to its portfolio of grain merchandising services.

“This partnership will help us increase the profitability of our crop insurance business by working to develop products that will enhance ADM’s grain marketing activities,” said David Johnson, president, Agriserve.

“By working with Agriserve, ADM will be able to offer farmers the convenience of marketing their grain and purchasing crop insurance from one place,” said Michael Lusk, vice president, Insurance and Risk Management, ADM. “We look forward to working with Agriserve to provide farmers with valuable tools and services to help manage their business.”

About Agriserve

Agriserve Inc., located in Findlay, Ill., has served as Agrinational's managing general agent for crop insurance business since 2005. Agriserve writes multi-peril crop insurance and crop hail insurance in 32 states. Agriserve has set itself apart in the crop insurance business by developing a core of agents committed to providing quality products and services to insure America's harvest. For more information visithttp://www.asi-agriserve.com/

 

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