Early last year, Farmers Mutual Hail's Chief Brokerage Officer, Brent Walker, began noticing what he perceived as a gap in the insurance industry: there was a deficiency in the wholesale brokerage sector catering to independent agents working within the agricultural community.
Issues were arising as standard markets started rejecting simple farm and ranch policies due to weather-related losses. Carriers were withdrawing from certain states, with some ceasing to accept new business. Others initiated non-renewal actions for specific classes of business, including confinements and dairies.
“Agriculture exposures present unique challenges,” Walker said. “With very few wholesalers with expertise in the space, and carriers starting to shrink their appetite, it left a lot rural agents empty handed in what they could offer their customers to insure farming operations, livestock, and even their family homes.”
Listening to the challenges expressed by crop insurance agents and customers in the property & casualty space, Farmers Mutual Hail, a 130-year-old crop insurance company, decided to fill the gap with a new ag-focused wholesale brokerage. Ag Brokerage Solutions (ABS) was established to meet the needs of the underserved agriculture community, with Walker spearheading the effort.
While numerous wholesale operations exist, ABS stands out due to our expertise in safeguarding a farmer's livelihood and legacy. The ABS team is comprised of individuals personally invested in the agriculture community, including farmers, ranchers, and horse enthusiasts. We have a combined 400 years of farm & ranch insurance experience. - Brent Walker Chief Brokerage Officer
Recognizing the needs of independent agents in rural communities, ABS not only follows the traditional wholesaler model – addressing difficult-to-place E&S-type accounts – but also supports agents with standard admitted accounts.
Rural agents often lack numerous carrier contracts due to lower volume. When their carriers aren't suitable for a specific account, ABS provides access to admitted farm markets, including over 25 A-rated carriers.
To ensure comprehensive farm insurance solutions, ABS is taking steps as a Managing General Agent (MGA), launching its non-admitted farm & ranch solution in 2024. This enables ABS to underwrite everything from traditional farm & ranch accounts to more complex commercial agriculture exposures when standard markets are unavailable.
“We’ve been able to meet the demand across diverse sectors in ag, including large dairies, irrigation pivots, grain farms, and equine operations, just to name a few,” added Walker. “Ag Brokerage Solutions remains committed to creating something extraordinary for rural independent agents.”
Ag Brokerage Solutions is accepting new independent agency partners. To connect with us, please fill out our Become and Agent form: https://www.fmh.com/abs/agents/become-an-agent