Crop Insurers Signing on to Contract With $6 Billion in Cuts; Agents Object to Caps

This week, U.S. crop insurers will have to sign the latest long-term contract with the federal government — a deal that slashes billions from the long-standing public-private partnership. The U.S. Department of Agriculture must have the 16 companies-signed forms by July 12, leaving just a few days for the insurers to put signatures on the latest […]

Crop insurance industry – ‘hands tied’

The crop insurance industry and the program will withstand the $6 billion reduction in funding handed to them by the USDA’s final Standard Reinsurance Agreement (SRA) contract released June 29. Companies have until July 12 to sign the agreement. “Our hands are tied,” said Bob Parkerson, president of National Crop Insurance Services. “The companies have no […]

Crop insurance companies offered a new reinsurance agreement

USDA Risk Management Agency Administrator Bill Murphy said June 30 that his agency has sent crop insurance companies a revised final offer of a new standard reinsurance agreement and gives the companies until July 12 to sign it. The original deadline was June 30. After a Senate Agriculture Committee hearing Murphy said that he had made concessions […]