RCIS is a leading provider of agricultural insurance in the United States.
On December 18, Zurich Insurance Group announced that it has agreed to acquire Rural Community Insurance Services (RCIS), a leading provider of agricultural insurance in the United States, from Wells Fargo. Zurich will pay Wells Fargo approximately $675 million plus the amount of excess capital in RCIS at the date of closing, estimated to be up to approximately $375 million, for a total transaction value of up to $1.05 billion. The deal is expected to close in the first quarter of 2016.
RCIS offers federal crop insurance programs including multi-peril and other private crop insurance products. With a national network of more than 4,000 agents, RCIS conducts business in all 50 U.S. states, providing risk management for more than 130 crops on over 90 million acres.
The Willkie deal team was led by partner Thomas Cerabino and included partners Rajab Abbassi, Jordan Messinger, Richard Reinhold and David Drewes; special counsel Elizabeth Bannigan; and associates Laura Acker, Vanida Narrainen, Yevgeniy Markov, Isabel Araujo, Kapiljeet Dargan, Amir Ghavi, Dorna Mohaghegh and Jennifer Coffey.