Bermuda-based Endurance Specialty Holdings Ltd. announced the closing of the acquisition by Endurance US Holdings Corp. of ARMtech Insurance Services, Inc. and its affiliates (See IJ web site – https://www.insurancejournal.com/news/national/2007/09/07/832.
The bulletin noted that “ARMtech, headquartered in Lubbock, Texas, is the 5th largest underwriter of U.S. federally sponsored crop insurance, with an estimated $410 million in total premiums in 2007. ARMtech blends extensive agribusiness experience with insurance expertise and high-tech software development to offer traditional Multi Peril Crop Insurance (MPCI), Crop Hail, Livestock Risk Protection and other agriculture risk management products through an independent agency network.”
Samuel R. Scheef, President of ARMtech indicated that Endurance’s capital strength would provide additional security to the firm’s clients, agents and employees. He added that “ARMtech will continue to operate under my day-to-day direction and our staff and management team are committed to continuing to provide our ARMtech clients with the same high quality, personalized service that has positioned us as a leader in the U.S. crop insurance industry.”
Endurance President and CEO Kenneth J. LeStrange commented: “ARMtech’s commitment to customer service, dedication to technological superiority and knowledgeable approach to underwriting risk in the crop insurance industry aligns superbly with Endurance’s values and objectives. We are excited to formally welcome ARMtech and its skilled employees and look forward to working together with them.”
Source: Endurance Specialty – www.endurance.bm
Was this article valuable?
Here are more articles you may enjoy.
Biden Administration Raises FEMA Bar for Flood Resilience 
Hurricane Beryl Triggers Record Payout for Caribbean Insurer 
Hacker Says AT&T Paid About $400,000 to Erase Sensitive Data 
What Happened to Reinsurance ‘Class of 2023’? Hard Market Defies Age-Old Patterns. 
