Change is in the air as Silveus — the nation’s largest independent crop insurance provider — announced its acquisition by Risk Strategies, a private insurance brokerage and risk management adviser, at the end of May.
Company leaders share this decision is mutually beneficial for both parties and came as a result of Silveus’ continued growth as well as Risk Strategies’ interest in expanding into agriculture.
“We’ve experienced growth year after year, and we’re a small-town insurance agency that’s working in a big market,” says co-owner Scott Silveus. “We need some of the resources, help and wisdom that comes from a larger insurance broker with the know how to navigate growth into the future.”
Enhanced Offerings
Despite being a small-town agency, Silveus is made up of about 80 employees and offers more than 40 private and federal crop insurance products to clients spanning 40 states. All employees and products are expected to carry over into Risk Strategies, and customers will now have access to Risk Strategies’ wider scope of products as well.
“Really very little is changing. We’re continuing the day after the sale in a very similar manner to what we did the day before the sale with the same leadership, the same core values and the same direction,” Silveus says. “Risk Strategies will allow us to find some of their current customers that may have a need for crop insurance, and then there’s a lot of areas where we are not the experts, but our agricultural customers could benefit. That’s where I think the Risk Strategies folks are going to be a big value add.”
John Scroope, national director of retail operations at Risk Strategies, adds, “It’s not just let’s do everything the same way we did the day before, but how do we try to make one plus one equal a little bit more than two?”
Checking All The Boxes
The idea of adding additional value for their current customer base, but without compromising company culture, was top of mind as Silveus began its search for a partner two years ago. The leaders chose Risk Strategies – which houses more than 30 other specialty practices – due to its emphasis on enhancing the company, not changing it.
“They genuinely care about the unique cultures of the insurance agencies that become part of Risk Strategies,” Silveus says. “We have a great culture, a great leadership team and a great group of agents and salespeople. Their No. 1 priority is keeping that going and intact so we can continue to serve American farmers the way we have been for the nearly 80 years.”
For Risk Strategies, the team from Silveus will serve as experts guiding the company into the crop insurance sector.
“There’s an incredible opportunity for us through Silveus to put a foot in the door into the agricultural market,” Scroope says. “You couldn’t find more dedicated specialists to crop insurance than Silveus. We want to grow with their guidance.”
