Expansion of crop insurance services includes acquisition of one of the largest providers in California

SANTA ROSA, CA (August 2013) – Farm Credit lender American AgCredit announced today the acquisition of Chris Maloney Crop Insurance Services (CMCIS). Located in Sonoma County, California, CMCIS is one of the largest writers of grape crop insurance and Livestock Gross Margin‐Dairy (LGM) livestock insurance in the State of California.

With this new partnership, American AgCredit adds to the breadth of financial services it offers, which includes mortgage and operations financing, farm land appraisal, and leasing. “The ability to provide expanded services to agricultural producers is an important component of our business approach,” said President and Chief Executive Officer Ron Carli. “We consider it a great privilege to support agriculture, and are focused on assisting producers even more by providing this critical service to help their business.”  

Chris Maloney founded the agency in 1999, which services perennial crops, primarily grape growers and dairy farmers throughout California. This acquisition follows the acquisition of Fiorini & Squires Insurance Agency (F&S) out of Turlock, CA, on November 1, 2011. This expansion allows American AgCredit to offer multi peril crop insurance and LGM Dairy coverage on the North Coast as well as the Central Coast, Salinas, and Central Valley Regions, putting the $6 billion association at the forefront of the crop insurance business. 

“We’re excited to be part of the American AgCredit team,” said Chris Maloney. “The opportunity to have access to additional financial services for our customers – and the opportunity for American AgCredit’s customers to access specialized crop insurance – is significant.” 

Existing agents Shannon Antonini and Fred Carvajal, along office manager Emily Carvajal, remain on staff and bring with them significant industry expertise and ensure that customers will maintain their same agent.

According to Vice President of Insurance Services Mike Phillips, because crop insurance coverage varies by state and has very specific criteria for protection, it is important to bring specialized expertise on board.  

“We are very fortunate to now have this knowledgeable, experienced and dedicated insurance team on staff now,” Phillips said. “And we want existing CMCIS customers to know that the excellent level of service and knowledge that they have had will continue with us.” 

  “My founding principal is that our first responsibility is our clients,” said Chris Maloney. “We take pride in ensuring that our clients receive the full benefits of their insurance coverage.”  

About American AgCredit 

Founded in 1916, American AgCredit is part of the nationwide Farm Credit System, and is the nation’s 6th largest Farm Credit cooperative. American AgCredit specializes in providing financial services to agricultural and rural customers throughout California, Nevada, Central Kansas, Northern Oklahoma, North Central and Western Colorado, and Northern New Mexico – as well as to capital markets customers in 30 states. 

Financial services provided by American AgCredit include production and mortgage financing, equipment and vehicle leasing, crop and life insurance, lines of credit, and the Young, Beginning and Small farmer program. In addition, the Association provides interest‐free loans for qualifying 4‐H and FFA AgYouth programs, as well as college scholarships to young people interested in agriculture. For more information about American AgCredit’s financial services, call 800‐800‐4865 or visit the website at www.agloan.com for a listing of offices by region.

Contact:  

Mike Phillips, Vice President, Insurance Services: 800‐466‐1146 / MPhillips@AgLoan.com 

Terry Lindley, Chief Marketing Officer: 800‐800‐4865 / TLindley@AgLoan.com