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September 15, 2004

Agriculture co-ops form captive insurance company

Twenty-three agriculture co-ops recently formed their own offshore-based captive insurance company - a form of self-insurance - to better control their liability, auto and property insurance costs. The company, Pillar Insurance Ltd., is believed to be the first captive formed by agriculture co-ops nationally.

"We have seen our property and casualty premiums skyrocket in the last five years to the point where it's absolutely out of control and beginning to have a devastating effect on our company," said Jeff Neilsen, chairman of Pillar. "We had to do something about it."

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Posted by Tom Troceen