Capital Farm Credit acquires two insurance companies
COLLEGE STATION, Texas -- The Board of Directors for Capital Farm Credit recently supported the purchase of two crop insurance agencies in the Texas Plains Region in an acquisition agreement aimed at serving as a long-term provider of critical crop insurance policies to better serve our customers.
Bennett Crop Insurance and Taylor Crop Insurance have joined Capital Farm Credit’s Insurance Services Group. Both were independent insurance agencies headquartered near Lubbock, Texas. These acquisitions add nine new employees and two new locations to CFC’s territory.
Bennett Insurance, located in Brownfield, Texas, has been family-owned and operated since 2004 and serves several counties in the Panhandle. Taylor Crop Insurance has been in business for more than 40 years, starting as a family-owned agency in Ropesville, Texas. Taylor Crop Insurance focuses mainly on serving cotton producers in Lubbock and Hockley counties.
“There are headwinds in the insurance marketplace right now, after several back-to-back years of losses in the Plains. This environment offers us an opportunity to increase our footprint in this important agricultural region, where insurance providers are less willing to offer coverage,” said Jeff Norte, chief executive officer and president of Capital Farm Credit. “It also allows us to work with our Approved Insurance Providers to offer coverage to the Plains as we give them access to the remainder of the state. CFC has an attractive footprint across Texas.”
CFC has offered crop and livestock insurance for over 10 years. For the last two years, the association has worked to enhance its relationship-focused lending practices, cultivate new ag production loan customers, and increase non-interest income through crop insurance sales. CFC continues to promote that notion of serving agricultural customers with the insurance services they need to maintain successful operations.
Even though the Bennett and Taylor employees will join the CFC family, their customers will work with the same agents in the same locations to which they are accustomed.
“This is an exciting week, as we are adding new team members to our family and expanding our insurance portfolio,” Norte said. “Acquiring these two agencies will help combine forces to expand the reach and influence needed to continue serving customers in the Plains Region.”
About Capital Farm Credit
For more than 100 years, Capital Farm Credit has supported rural communities and agriculture with reliable, consistent credit and financial services that include home, land and agribusiness lending; equipment and facilities leasing, and insurance for crops and livestock. Capital Farm Credit is a proud member of the Farm Credit System with more than 600 employees, serving over 24,500 members and more than $13 billion in loan volume.
Since 2006, CFC has returned $2.9 billion in combined cash and allocated equities to its members. Headquartered in College Station, Texas, Capital Farm Credit has offices serving 192 of Texas’ 254 counties. For more information about financial services or our cooperative returns program, visit CapitalFarmCredit.com.