One of the US-based holding companies Bermuda property and casualty insurer and reinsurer Endurance Specialty Holdings has has entered into an agreement to acquire the stock of ARMtech Insurance Services and its affiliates.

ARMtech is the fifth largest underwriter of US federally sponsored crop insurance, with $410 million in total premiums in 2007.

The insurance it offers indemnifies farmers against crop losses by guaranteeing a set crop price, yield or total revenue for the harvest period in exchange for a premium payment.

Samuel Scheef, the founder, majority owner and president of ARMtech, along with ARMtech's other employee founders and current managers, will continue to manage the day-to-day operations of ARMtech's business.

"This is a strong step towards our goal of becoming the best specialty insurer and reinsurer in the business. ARMtech has established itself as one of the preeminent participants in the crop insurance industry," said Kenneth LeStrange, the Endurance chairman, president and CEO.

"ARMtech's commitment to customer service, dedication to technological superiority and knowledgeable approach to its selected specialty align superbly with Endurance's values and objectives. We are excited to welcome ARMtech and its skilled employees into the Endurance family."

ARMTech was founded in 1996 and brought new crop insurance software to the industry, entering the crop insurance services arena three years later.

Its founder Mr. Scheef said: "We believe that Endurance is the ideal business partner to help us continue on our path to becoming the nation's premier crop insurance provider. We are excited about the opportunities Endurance will enable for our employees and agents."