Acceptance / Rain and Hail Deal Off

Acceptance Insurance Companies Inc. said yesterday that Rain and Hail, L.L.C and others had discontinued pursuit of the proposed asset purchase transaction announced November 18, 2002. Rain and Hail, L.L.C. explained it took that action because "RMA (the USDA Risk Management Agency) will not allow the transaction as set forth in the terms of the Non-Binding Letter of Intent." American Growers Insurance Company (AGIC), a wholly owned subsidiary of Acceptance, also said that as a result of these developments the Director of the Nebraska Department of Insurance issued an Order of Supervision t...