Deere & Company has announced an agreement to sell its crop insurance business, subject to regulatory approval, to Farmers Mutual Hail Insurance Company (FMH) of West Des Moines, Iowa.

The action is a result of Deere’s previously announced review of strategic options for the crop insurance business. The agreement will result in Deere selling both John Deere Insurance Company and John Deere Risk Protection, Inc., which together made up the crop insurance business unit of John Deere Financial.

“We are confident that customers of John Deere crop insurance will be well served with this action,” said Don Preusser, president, John Deere Insurance Company and John Deere Risk Protection, Inc. “Farmers Mutual Hail has provided tailored crop insurance packages to farmers for more than 120 years. We believe the success and long tenure of FMH speaks volumes about their dedication to customer service.”

The deal is expected to be closed during the first quarter of 2015.