EXAMINATION REPORT OF
NATIONWIDE AGRIBUSINESS INSURANCE COMPANY
DES MOINES, IOWA
AS OF DECEMBER 31, 2021
1
HONORABLE DOUG OMMEN
Commissioner of Insurance
State of Iowa
Des Moines, Iowa
Commissioner:
Des Moines, Iowa
May 31, 2023
In accordance with your respective authorizations and pursuant to Iowa statutory provisions, an examination
has been made of the records, business affairs and financial condition of
NATIONWIDE AGRIBUSINESS INSURANCE COMPANY
DES MOINES, IOWA
AS OF DECEMBER 31, 2021
at the Company’s administrative office, located at 1100 Locust Street, Des Moines, Iowa.
INTRODUCTION
Nationwide Agribusiness Insurance Company, hereinafter referred to as the “Company”, was last examined
as of December 31, 2016. The examination reported herein was part of a coordinated examination of the
Nationwide Group of insurance companies. The state insurance departments of Arizona, Michigan, New Jersey,
New York, Texas, and Vermont participated in this coordinated examination, with Ohio serving as the lead state.
SCOPE OF EXAMINATION
This is the regular comprehensive financial examination of the Company covering the period from January 1,
2017 to the close of business on December 31, 2021, including any material transactions and/or events occurring and
noted subsequent to the examination period.
The examination was conducted in accordance with the National Association of Insurance Commissioners
(NAIC) Financial Condition Examiners Handbook. The Handbook requires that we plan and perform the examination to
evaluate the financial condition, identify current and prospective risks of the company and evaluate system controls and
procedures used to mitigate those risks. An examination also includes identifying and evaluating significant risks that
could cause an insurer’s surplus to be materially misstated both currently and prospectively.
All accounts and activities of the company were considered in accordance with the risk-focused examination
process. This may include assessing significant estimates made by management and evaluating management’s compliance
with Statutory Accounting Principles. The examination does not attest to the fair presentation of the financial statements
included herein. If, during the course of the examination an adjustment is identified, the impact of such adjustment will be
documented separately following the Company’s financial statements.
This examination report includes significant findings of fact and general information about the insurer and its
financial condition.
2
HISTORY
The Company was incorporated in the State of Iowa on December 10, 1973, under the name of Farmland
Insurance Company and is authorized to write multiple lines of business. Corporate existence is perpetual.
On August 31, 1982, the Company became a member of a Holding Company System with Nationwide
Mutual Insurance Company, an Ohio domiciled insurance entity.
The Articles of Incorporation were amended on March 27, 1986, whereby the corporate title, Farmland
Insurance Company, was changed to Nationwide Agribusiness Insurance Company. The Articles of Incorporation
were amended on August 4, 1987, increasing the par value of common stock to $3 per share from $1 per share.
On August 5, 2014, the Articles of Incorporation were amended to convert all outstanding shares of common
and preferred stock, as well as $2,440,000 of accrued preferred stock dividends, into 5,690 shares of $1,000 par
value common stock, effective September 1, 2014.
CAPITAL STOCK AND DIVIDENDS
Authorized capital consists of 5,690 shares of common stock with a $1,000 par value. All outstanding shares
of common stock are held by Nationwide Mutual Insurance Company (“NMIC”). The Company did not receive any
capital contributions or pay any dividends during the examination period.
3
INSURANCE HOLDING COMPANY SYSTEM
The Company is a member of a Holding Company System as defined by Chapter 521A, Code of Iowa. A
simplified organizational chart as of December 31, 2021, reflecting the ultimate parent and holding
company
system for the Iowa entities is shown below:
Nationwide Mutual Fire Insurance
Company
(OH)
Nationwide Mutual Insurance Company
(OH)
Allied Holdings, Inc.
(DE)
Allied Group, Inc.
(IA)
Depositors Insurance
Company
(IA)
Allied Property and
Casualty Insurance
Company
(IA)
Nationwide Sales
Solutions, Inc.
(IA)
Nationwide Advantage
Mortgage Company
(IA)
AMCO - 87.3%
Allied P&C - 8.47%
Depositors - 4.23%
AMCO Insurance
Company
(IA)
Nationwide Agribusiness
Insurance Company
(IA)
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MANAGEMENT AND CONTROL
SHAREHOLDERS
The Amended and Restated Bylaws provide that a regular meeting of the shareholders shall be held on such
date and at such place and time as is fixed by resolution of the Board of Directors. Any meeting of the shareholders
may be held in or outside the State of Iowa.
A special meeting of the shareholders may be called by the Chairman of the Board, Chief Executive Officer,
President, a majority of the members of the Board acting with or without a meeting, or upon the written request of
persons who hold ten percent of all the votes entitled to be cast on any issue proposed to be considered.
Notices of regular or special meetings of the shareholders shall be delivered not more than 45 nor less than
ten days before the date fixed for the meeting, and the shareholders entitled to such notice shall be those of record
as of the day next preceding the day on which notice is given or if a record date therefore is fixed as provided by
law or these Bylaws, of record as of such date so fixed.
Except as otherwise provided in the Articles of Incorporation, each shareholder shall, at every meeting of the
shareholders, be entitled to one vote in person or by proxy for each share of common stock held by such
shareholder. A majority of the issued and outstanding shares shall constitute a quorum for the transaction of
business at that meeting except as otherwise provided by statute or by the Articles of Incorporation.
At each regular annual meeting of the shareholder, the successors of the directors whose term shall expire
annually shall be elected by ballot. Directors shall be elected by receiving the highest number of votes cast on the
ballot. Voting shall be non-cumulative. Only persons nominated as candidates and satisfying any qualification
requirements of directors shall be eligible for election as directors.
Whenever the vote of shareholders at a meeting thereof is required or permitted to be taken in connection
with any corporate action by the provisions of the statutes or the Articles of Incorporation, the meeting and vote of
the shareholders may be dispensed with if not less than 90 percent of all votes entitled to be cast if such meeting
were held shall consent in writing to such corporate action being taken by manual, facsimile, conformed or
electronic signature thereon.
BOARD OF DIRECTORS
The Amended and Restated Bylaws provide that all corporate powers, business and property of the Company
shall be exercised, conducted and controlled by, or under the direction of, the Board of Directors except as otherwise
required by statute, the Articles of Incorporation or the Bylaws with regard to action required to be taken or approved
by the shareholders.
The Board of Directors shall range from at least five to not more than 21 members. The Board of Directors
may increase or decrease by resolution the number of directors within this range, currently set at nine. Any vacancy
on the Board of Directors may be filled by a majority of the directors. A director elected to fill a vacancy shall be
elected for the unexpired term of such director’s predecessor in office. Directors are not required to be shareholders to
qualify for election to the office.
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Regular meetings of the Board of Directors are held quarterly during the year at such time and in places as
may be determined by resolution of the Board, with the annual meeting of the directors occurring immediately after
the annual meeting of members. Special meetings of the Board of Directors may be called by the Chairman of the
Board, Chief Executive Officer, President or the Executive Committee, and shall be called by the Chairman of the
Board upon the written request of a majority of the directors, specifying the purpose for which the meeting is to be
called. Notice of the time and place of special meetings shall be given to each director at least 48 hours before the
meeting.
A majority of all the directors shall constitute a quorum for the transaction of business at all meetings,
provided a lesser number may adjourn the meeting from time to time without notice other than announcement at the
meeting. An affirmative vote of a majority of the directors present and voting shall be sufficient to carry any
proposition, except as may otherwise be provided by statute, the Articles of Incorporation, or the Bylaws.
Unless otherwise restricted by the Articles of Incorporation or the Bylaws, any action required or permitted to
be taken by the Board of Directors may be taken without a meeting, if all members of the Board shall individually or
collectively consent in writing to such action by manual, facsimile, conformed or electronic signature thereon.
The Directors duly elected and serving on the Board as of December 31, 2021 were:
Name and Address Principal Occupation
Term Expires
Mark A. Berven President and Chief Operating Officer P&C 2022
Dublin, Ohio Various Nationwide Companies
Gary A. Douglas President 2022
Columbus, Ohio Nationwide National Partners
Oscar Guerrero Director, Senior Vice President and Chief Financial Officer 2022
Collegeville, Pennsylvania Various Nationwide Companies
Elizabeth M. Riczko President P&C Personal Lines 2022
Hamilton, Ohio Various Nationwide Companies
Eric E. Smith Senior Vice President P&C Commercial Lines 2022
Granville, Ohio Various Nationwide Companies
The members of the Board of Directors, other than salaried officers, shall receive such compensation as shall
be fixed by the Board of Directors from time to time for the performance of services for the Company. All board
members are salaried officers of the Nationwide Group of Companies.
COMMITTEES
The Company has designated the Audit Committee of NMIC to act on its behalf. The Audit Committee’s
primary function is to assist the Boards of Directors of the Nationwide Group of insurance companies (“Boards”) in
fulfilling their oversight responsibilities by reviewing the systems of internal controls which management and the
Boards have established, as well as the audited financial statements.
6
Members of the Audit Committee, all of whom are directors of NMIC, as of December 31, 2021 were as
follows:
Name
Position
Suku Radia Chair
Pamela Beall Member
Frank Burkett Member
Debora Plunkett Member
Diane Koken Member
Paul Wenger Member
OFFICERS
The Amended and Restated Bylaws provide that the officers shall be a president, one or more Vice
Presidents, a Secretary, a Treasurer and other officers as the Board of Directors or any Committee of the Board may
appoint or elect from time to time. Any two or more of the offices may be held by the same person, but no officer
shall execute, acknowledge or verify any instrument in more than one capacity, if such instrument is required by
law or by the Articles of Incorporation or Bylaws to be executed, acknowledged or verified by two or more officers.
The officers shall hold office until the date of the next regular annual meeting of the Board of Directors and
until their respective successors are elected and qualified; provided, however, that any officer may be removed from
office with or without cause at any time by a vote of at least two-thirds of the entire Board of Directors.
Officers elected and serving as of December 31, 2021 were as follows:
Name
Title
Brad R. Liggett President
Mark R. Thresher Executive Vice President – Chief Financial Officer
Pamela A. Biesecker Senior Vice President – Head of Taxation
Joel L. Coleman Senior Vice President, Personal Lines Product & Underwriting
Jennifer B. MacKenzie Senior Vice President, P&C Marketing Management
Denise L. Skingle Senior Vice President and Secretary
In addition to the above-named officers, the Company elected six (6) Vice Presidents, three (3) Associate
Vice Presidents and three (3) Assistant Secretaries.
CONFLICT OF INTEREST STATEMENTS
The Company has an established procedure for disclosure to its Board of Directors of any material interest
or affiliation on the part of any of its officers or key employees which is in or likely to conflict with their official
duties. Conflicts of interest statements are circulated and reviewed annually. No conflicts were disclosed.
7
CORPORATE RECORDS
The minutes of the stockholders, Board of Directors, Executive Committee, and Audit Committee meetings
were read and noted. Neither the Articles of Incorporation nor the Bylaws were amended or restated during the exam
period.
The Board minutes documented the receipt or approval of the prior exam report dated as of December 31,
2016, as required by Iowa Code Section 507.10.4a.
INTERCOMPANY AGREEMENTS
Master Repurchase Agreement
The Company and other named affiliates, including the ultimate Parent, have entered into a master
repurchase agreement which permits each company to purchase securities from or sell securities to the other at a cost
equal to the market value of the securities, plus an interest rate that will be based on short-term interest rates in effect
on the date of the sale. The agreement also provides for the resale and repurchase of the securities on demand. The
market value of the securities that are the subject of the repurchase agreement will not exceed, in the aggregate, the
lesser of three percent (3%) of the buyer’s or seller’s admitted assets as of December 31 of the immediately
preceding calendar year.
Master Repurchase Agreement
The Company and other named affiliates, including the ultimate Parent, have entered into a master
repurchase agreement which permits each company to purchase securities from or sell securities to the other at a
cost equal to the market value of the securities, plus an interest rate that will be based on short-term interest rates in
effect on the date of the sale. The agreement also provides for the resale and repurchase of the securities on
demand. The market value of the securities that are the subject of the repurchase agreement will not exceed, in the
aggregate, the lesser of three percent (3%) of the buyer’s or seller’s admitted assets as of December 31 of the
immediately preceding calendar year.
Third Amended and Restated Cost Sharing Agreement
Effective January 1, 2014, the Company, along with multiple named affiliates including the ultimate Parent,
are party to a cost sharing agreement whereby each party desires to have each other perform certain operational and
administrative services on behalf of one another. The allocation of expenses is based on standard allocation
techniques and procedures acceptable under general cost accounting techniques and procedures that are to be in
conformity with NAIC statutory accounting principles. Expenses are to be maintained for such operation and
administrative services in sufficient detail so as to facilitate proper allocation to the receiving party. The agreement
may be terminated upon mutual agreement or upon 90 days written notice.
Investment Agency Cost Allocation Agreement
Effective November 14, 2002, Nationwide Cash Management Company, a corporation formed for the
purpose of making, holding and administering short-term investments (maturing in one year or less), agreed to hold
and administer certain investments on behalf of the Company and other named affiliates.
8
Tax Sharing Agreement
Effective January 1, 2015, NMIC entered into a Tax Sharing Agreement with a group of affiliated
corporations, including the Company, pursuant to which NMIC agreed to file consolidated federal income tax
returns and consolidated or combined state and local income tax or franchise tax returns for the tax year ending
December 31, 2015, and subsequent years. The Agreement governs the allocation of federal and state consolidated
income tax liability among the members of the affiliated group. It maintains NMIC as the Parent of the affiliated
group and the party responsible for acting on behalf of the group. Pursuant to the terms of the Agreement, each
Subsidiary will pay NMIC an amount equal to the income tax liability attributable to such Subsidiary, which is
determined according to the principles used to determine earnings and profit under Internal Revenue Code
§1552(a)(2) and Treasury Regulation §1.1502-33(d)(3). The agreement was amended and restated effective January
1, 2021.
FIDELITY BONDS AND OTHER INSURANCE
The Company is named as a joint insured with other named affiliates on a blanket fidelity bond. The
individual loss limit is $15,000,000 with a $30,000,000 aggregate loss limit. This policy is placed with a company
authorized to transact business in the State of Iowa.
EMPLOYEE WELFARE
All employees’ services are provided by NMIC per the cost sharing agreement. Eligible employees are
provided a qualified defined benefit pension plan. Eligible agents are provided a non-qualified, unfunded defined
benefit deferred compensation plan. The Nationwide Group also participates in a defined contribution retirement
savings plan (401k or the Nationwide Savings Plan) for employees of substantially all Nationwide companies.
Nationwide also sponsors life and health care defined benefit plans for qualifying retirees.
REINSURANCE
Nationwide Intercompany Pooling Agreement
NMIC is the lead company in the Nationwide Pool (“Pool”). Participating affiliated insurance companies cede
100% of premiums, loss and loss adjustment expenses, and expenses to the Pool. Companies assuming business from
the Pool and their respective pool participation, as of December 31, 2021, are:
Pool
Nationwide Mutual Insurance Company (OH) 71.0%
Nationwide Mutual Fire Insurance Company (OH) 23.0
Nationwide Agribusiness Insurance Company (IA) 3.0
Nationwide Insurance Company of America (OH) 1.0
National Casualty Company (OH) 1.0
Nationwide General Insurance Company (OH) 1.0
All other companies in the Nationwide Pool have a 0% retrocession, including the other three (3) Iowa
domestic companies.
The Group’s property reinsurance programs consist of property per risk reinsurance, property catastrophe
occurrence reinsurance and property catastrophe annual aggregate reinsurance. Property per risk reinsurance provides
protection against individual risk losses and associated loss adjustment expenses between $10 million and $125
million.
9
Property catastrophe reinsurance provides protection against loss and loss adjustment expense for large,
single-event loss occurrences countrywide. For losses between $500 million and $3.4 billion, the Company recovers
90% of losses, a portion of which is covered through a catastrophe bond. Following a single loss event over $500
million, the retention would be reduced from $500 million to $250 million for a second loss event in the treaty year.
The maximum recovery under the portion covered through the catastrophe bond is $300 million.
Property catastrophe annual aggregate reinsurance is covered through an additional catastrophe bond which
provides coverage for aggregate losses in three layers. The bond provides reinsurance coverage for the accumulation
of individual catastrophic losses during each separate annual coverage period for occurrences greater than $50 million
and provides national coverage of up to 16% of annual aggregate losses between $1.3 billion and $1.5 billion, up to
47% between $1.5 billion and $1.7 billion, and up to 70% between $1.7 billion and $1.8 billion. The maximum
recovery under the catastrophe bond for the coverage period of June 1, 2021 through May 31, 2022 is $190 million.
NMIC's aggregate maximum proceeds for the catastrophe bonds as of the years ended December 31, 2021 and 2020
were $490 million and $940 million.
Quota Share Reinsurance Agreement – Affiliated
Effective January 1, 2002, Nationwide Indemnity Company ("NIC"), an affiliate, agreed to reinsure the
Company’s liabilities, net of existing reinsurance, under and arising from any and all general liability, property,
commercial auto and/or inland marine policies, contracts, agreements and/or certificates of insurance issued, assumed
or renewed by the Company relating to the Ohio School Board Insurance Program.
Effective December 1, 2007, National Casualty Company, an affiliate, agreed to provide 100% reinsurance
coverage on certain workers compensation gross liabilities to the Company. Effective January 1, 2010, the parties
entered into Addendum No. 1 to the agreement. Effective November 1, 2016, the parties entered into Addendum #2 to
the agreement to terminate the agreement on a run-off basis.
Effective June 1, 2016, Nationwide Indemnity Company (“NIC”), an affiliate, agreed to provide 100%
reinsurance coverage to NMIC, Nationwide Mutual Fire Insurance Company (“NMFIC”), and certain of their
respective subsidiaries and affiliates, including the Company, for their claims for civil actions arising out of sexual
assault of a child made against policies with accident dates prior to January 1, 2007.
Effective August 1, 2017, NIC agreed to provide 100% reinsurance coverage to NMIC, NMFIC and
certain of their respective subsidiaries and affiliates, including the Company, for their respective asbestos claims
arising from general liability policies originally written on the paper of these ceding companies or their
predecessor companies. The agreement was subsequently amended on January 1, 2018.
Effective July 1, 2018, NIC agreed to provide 100% reinsurance coverage to NMIC, NMFIC and certain of
their respective subsidiaries and affiliates, including the Company, for talc claims arising from commercial general
liability policies originally written on the paper of a ceding company or its predecessor company were talc is the
primary, sole or predominant contributing factor for the injury.
STATUTORY DEPOSIT
The statement value of securities held in a custodial account and vested in the Insurance Commissioner of
Iowa for the benefit of all policy holders totaled $2,437,176.
TERRITORY AND PLAN OF OPERATION
The Company operates under the Allied Insurance brand with the business focus on personal lines and small
to medium commercial markets.
10
The Company is licensed to conduct business in 48 states and the District of Columbia with premium
concentration in the western and central regions. The top five states in which the Company writes direct business
are California, Iowa, Texas, Ohio and Illinois. The Company is one of the largest insurers of farms and ranches in
the country.
GROWTH OF COMPANY
The following information was obtained from the office copies of the annual statements.
Year
Admitted
Assets
Surplus to
Policyholders
Net Premiums
Earned*
Net Losses
Incurred*
Investment
Income Earned
2017
$ 758,583,327
$191,633,032
$0
$ 0
$ 2,966,565
2018
778,045,118
195,348,125
0
0
3,884,048
2019
817,852,316
263,472,628
0
0
4,778,089
2020
1,577,824,274
220,595,515
530,382,532
355,001,057
17,882,124
2021
1,610,543,140
212,767,067
549,187,391
346,398,567
18,734,309
*The Company previously ceded 100% of its business to the Nationwide Pool; however, effective January 1,
2020, the Company now retains 3%.
ACCOUNTS AND RECORDS
The Company’s general ledgers are maintained on an accrual basis. Trial balances were prepared for the
examination years under review. Amounts from the general ledger accounts were reconciled and found to be in
agreement with balances reported on the annual statements for assets, liabilities, income or disbursements.
During the course of the examination, no material aggregate surplus difference was identified from the
amount reflected in the financial statements, as presented in the annual statement at December 31, 2021.
SUBSEQUENT EVENTS
Effective January 1, 2023, NMFIC merged with and into NMIC.
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F I N A N C I A L S T A T E M E N T S
A N D C O M M E N T S T H E R E O N
NOTE: The following financial statements are based on
the statutory financial statements filed by the
Company with the Iowa Insurance Division and
present the financial condition of the Company for
the period ending December 31, 2021.
12
STATEMENT OF ASSETS AND LIABILITIES
ASSETS
Ledger
Admitted
Not Admitted
Total
Bonds 810,911,304
$ -$ 810,911,304$
Common Stocks - - -
Cash & Cash Equivalents 26,636,929 26,636,929
Other Invested Assets 4,195,603 4,195,603
Investment Income Due and Accrued 5,646,574 5,646,574
Premiums and Considerations
Uncollected Premiums 121,075,766 2,189,303 118,886,463
Deferred Premiums 424,329,441 306,097 424,023,344
Reinsurance
Amounts Recoverable from Reinsurers 92,651,466 92,651,466
Funds Held By or Deposited 2,518,455 2,518,455
Other Amounts Receivable 14,631,374 14,631,374
Current federal and foreign income tax recoverable
1,620,710
1,620,710
Net deferred tax asset 24,298,078 8,908,178 15,389,900
Guaranty funds receivable or on deposit 229,613 229,613
Receivables from Parent, Subsidiaries and Affiliates
83,500,353
83,500,353
Aggregate Write-ins for Other-than-Invested Asset
9,965,453
264,401
9,701,052
Total Assets 1,622,211,119$
11,667,979$
1,610,543,140$
13
LIABILITIES, SURPLUS AND OTHER FUNDS
Losses 404,386,281$
Reinsurance Payable on Paid Losses 25,749,218
Loss adjustment expenses 94,445,972
Commissions payable, contingent commissions and other similar charges 13,445,968
Other expenses 6,350,661
Taxes, licenses and fees 3,002,848
Unearned premiums 253,417,450
Advance premiums 4,332,547
Dividends declared and unpaid - Policyholders 193,532
Ceded Reinsurance Premiums Payable 489,271,688
Funds Held by Company under Reinsurance Treaties 17,783
Amounts withheld or retained by company for account of others 16,468,131
Payable to Parent, Subsidiaries, and Affiliates 81,305,916
Aggrega te Write-ins for Liabilities 5,388,078
Total Liabilities 1,397,776,073$
Common Capital Stock 5,689,976$
Gross Paid In and Contributed Surplus 210,250,018
Unassigned Funds (Surplus) (3,172,927)
Surplus as Regards Policyholders 212,767,067$
Total Liabilities and Surplus 1,610,543,140$
14
Underwriting Income
Premiums earned 549,187,391$
Deductions
Losses incurred 346,398,567$
Loss adjustment expenses incurred 54,874,908
Other underwriting expenses incurred
179,866,286
Aggregate write-ins for underwriting deductions
-
Total underwriting deductions 581,139,761
Net underwriting gain (loss) (31,952,370)$
Investment Income
Net investment income earned
18,734,309
$
Net realized capital gains (losses) less capital gains tax
(195,858)
Net investment gain (loss) 18,538,451$
Other Income
Net gain (loss) from agents' or premium balances charged off (1,589,860)
$
Finance and services charges not included in premiums 2,848,157
Aggregate write-ins for miscellaneous income 2,843,257
Total other income
4,101,554
Net income before dividends to policyholders, after capital gains tax and
before all other federal and foreign income taxes. (9,312,365)$
Dividends to policyholders 182,700
Net income after dividends to policyholders, after capital gains tax and
before all other federal and foreign income taxes. (9,495,065)$
Federal and foreign income taxes incurred. (1,745,791)
Net income (7,749,274)$
Surplus as regards policyholders, December 31, prior year
220,595,515$
Gains and (Losses) in Surplus
Net income (7,749,274)$
Change in net unrealized capital gains or (losses) less capital gains tax 3,823,181
Change in net deferred income tax 1,215,814
Change in nonadmitted assets (3,764,715)
Change in provision for reinsurance -
Aggregate write-ins for gains and (losses) in surplus (1,353,454)
Change in surplus as regards policyholders for the year (7,828,448)$
Surplus as regards policyholders, December 31, current year 212,767,067$
STATEMENT OF INCOME
CAPITAL AND SURPLUS ACCOUNT
15
Premiums collected net of reinsurance 567,759,611$
Net investment income 22,329,335
Miscellaneous income 2,879,228
Total 592,968,174$
Benefit and loss related payments 327,726,445$
Commissions, expenses paid and aggregate write-ins for deductions 227,703,945
Dividends paid to policyholders 217,289
Federal and foreign income taxes paid 3,276,409
Total 558,924,088$
Net cash from operations 34,044,086$
Proceeds from investments sold, matured or repaid:
Bonds 107,900,893$
Other invested assets -
Total investment proceeds 107,900,893$
Cost of investments acquired:
Bonds 165,630,649$
Other invested assets 1,081,345
Total investments acquired 166,711,994$
Net cash from investments (58,811,101)$
Cash provided (applied):
Other cash provided (applied) (22,513,883)$
Net cash from financing and miscellaneous sources (22,513,883)$
Net change in cash, cash equivalents and short-term investments (47,280,898)$
Cash, cash equivalents and short-term investments
Beginning of year 73,917,827
End of year. 26,636,929$
CASHFLOW STATEMENT
Cash from Operations
Cash from Investments
Cash from Financing and Miscellaneous Sources
Reconciliation of Cash and Short-Term Investments
16
CONCLUSION
The insurance examination practices and procedures as promulgated by the NAIC have been followed in
ascertaining the financial condition of Nationwide Agribusiness Insurance Company as of December 31, 2021
consistent with the insurance laws of the State of Iowa.
In addition to the undersigned, the following participated in the examination for the Iowa Insurance
Division: Michael Nadeau, CFE, CPA, of Noble Consulting Services.
Respectfully submitted,
/s/ Joseph Hofmeister
Joseph Hofmeister,
CFE
Examiner in
Charge
Noble Consulting Services on behalf
of the
Iowa Insurance Division
/s/ Amanda Theisen
Amanda
Theisen, CFE
Supervisor and Assistant Chief Examiner
Iowa Insurance Division
State of Iowa
