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Feb. 1, 2012 Des Moines Register reports: The longtime leader of one of the nation's largest crop insurers, Rain and Hail Insurance, retired in January, the company announced Tuesday. Steve Harms has stepped down as chairman of the Johnston firm, a little over a year after he helped oversee sale of the employee-owned company to Swiss insurance giant ACE Limited for $1.1 billion in cash. "It has been my privilege and honor to be a part of this great team for over 35 years," Harms said in a statement. "I want to thank each and every one of the Rain and Hail family again for all we have accomplished and will accomplish in the years ahead as you continue to serve America's farmers." The company leader is now Robert Haney, who was already the president and shared leadership duties with Harms. Company officials say the transition will be seamless. Rain and Hail, the second-largest crop insurer in the U.S., sells policies through a nationwide network of about 6,000 agents and employs roughly 225 people in Johnston. The company was employee-owned from 1980 to 2010. The acquisition by ACE in 2010 came on the heels of an operating agreement between the U.S. Department of Agriculture and 16 crop insurers, including Rain and Hail, that reduced company profits and agent commissions. But the agreement gave ACE some assurance of Rain and Hail's profitability going forward, analysts said. Talks between ACE and Rain and Hail began in June 2010 as the USDA agreement was being concluded. Rain and Hail was then one of four crop insurers based in Iowa, along with John Deere Risk Protection Inc. of Johnston, Farmers Mutual Hail Insurance Co. of West Des Moines and Agro National LLC of Council Bluffs. Harms's last day with the company was Jan. 4. Tweet |
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