Monsanto’s Climate Corp. sells insurance business

Monsanto’s Climate Corp. announced Friday it would sell its crop insurance business to AmTrust North America, a subsidiary of AmTrust Financial Services Inc., for undisclosed terms.

The agreement gives the New York-based multinational insurance holding company exclusive access to Climate Corp. technologies for up to three years. Climate Corp. said its carrier, OneBeacon Insurance Group, would work toward a smooth transition for customers.

Creve Coeur-based Monsanto purchased Climate Corp. for $930 million in 2013 and is projected to make $6 million in revenue from Climate Corp. products, according to the St. Louis Business Journal.

Climate Corp. has 700 employees, with 80 of those in the St. Louis area.

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