Acceptance Insurance Companies Inc. Acquires Assets

Acceptance Insurance Companies Inc. and IGF Insurance Company came to terms on a definitive agreement for American Agrinsurance and other Acceptance affiliates to buy the crop insurance assets of IGF Insurance Company for cash as well as and the assumption of some insurance and reinsurance contracts to be decided before closing.

The purchase is subject only to customary conditions and regulatory approvals, which the companies figure to obtain before the end of June. Directors of all affected companies have given the go-ahead on the agreement.

Dating back to January 2000, Acceptance has sold a number of its property/casualty insurance operations, including a transaction earlier in May.