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(Dow Jones) -- Deere & Co. agreed to sell its crop-insurance business to Farmers Mutual Hail Insurance Co. of Iowa, following a strategic review of the unit that began in September.

The deal, expected to close in the first quarter of next year, includes the sale of John Deere Insurance Co. and John Deere Risk Protection Inc., which together comprise the crop insurance business of John Deere Financial.

Terms weren't disclosed.

Don Preusser, president of the crop-insurance business said West Des Moines-based Farmers Mutual has been serving farmers for more than 120 years.

Meanwhile, Deere has been involved in the ...

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