JOHNSTON, Iowa -- John Deere has announced the establishment of John Deere Insurance Company, formed to strengthen its position in crop insurance. Since entering into crop insurance in 2005 as a managing general agency (MGA), John Deere Risk Protection, Inc. has leveraged John Deere's strong brand and expertise in agriculture to help customers with insurance protection against yield and price loss to their crops.

Don Preusser, President of John Deere Insurance Company, stated, "This new insurance company will allow us to further invest in the future of agricultural insurance and is part of an ongoing commitment to our John Deere crop insurance agencies and customers."

Subject to federal regulatory approval, John Deere Insurance Company expects to become an Approved Insurance Provider of the Federal Multiple Peril Crop Insurance program. John Deere Insurance Company will operate its crop insurance business in 40 states and is rated A- ("Excellent") by A.M. Best.

SOURCE: Deere.