Farm Credit System Insurance Corporation

What Farm Credit System Insurance Corporation does

Farm Credit System Insurance Corporation (FCSIC) is an independent U.S. Government-controlled corporation established by the Agricultural Credit Act of 1987 and headquartered at 1501 Farm Credit Drive, McLean, Virginia. FCSIC's statutory mandate is to maintain the Farm Credit Insurance Fund and insure the timely payment of principal and interest on insured debt obligations issued by Farm Credit System banks — a nationwide government-sponsored enterprise of cooperatively owned banks and affiliated associations that funds approximately 44% of all U.S. farm business debt. FCSIC insures approximately $266 billion of System debt obligations.

FCSIC operates as a self-supporting entity with no annually appropriated federal funds; operations are funded entirely through insurance premium assessments paid by Farm Credit System banks. Premium rates are set annually by the FCSIC Board of Directors — the 2026 rate is 10 basis points on adjusted insured debt, the same as 2024 and 2025, with a 10 basis point surcharge applied to nonaccrual loans and other-than-temporarily impaired investments. The Insurance Fund reached the statutorily required 2 percent target at year-end 2023; combined bank capital plus Insurance Fund totaled $37.0 billion at year-end 2025, representing 7.7% of insured debt outstanding and a 26.8% increase from 2021.

The organization operates with a lean staff of approximately 11 employees and is governed by a Board of Directors including Chairman Jeffery S. Hall, CFO Andrew Grimaldi (appointed 2018), COO Howard Rubin (appointed 2021), and Board Member Glen R. Smith (sworn in December 2017). FCSIC does not engage in commercial marketing or sales; its communications occur through official website releases, board meeting notices, RSS feeds, and public reporting requirements. There are no disclosed subsidiaries, funding rounds, M&A activity, or AI/technology products — the entity's value proposition is the statutory insurance guarantee itself, which protects investors in System debt and underpins a dependable source of funds for farmers, ranchers, and rural communities.

Name

Farm Credit System Insurance Corporation

Legal name

Farm Credit System Insurance Corporation

Website

https://fcsic.gov

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Government-Sponsored Agricultural Debt Insurance

NAICS

Other Insurance Funds (525190)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Financial Services Regulators (Banking, Securities, Insurance) (BPAIAOAK)

akta.pro secondary industries

Government Bonds & Agencies (Sovereigns, Supras, Munis) (FSAAAHAA), Financial Risk, Controls & Audit (Public Sector) (BPAIAEAH)

Keywords

• Agricultural debt insurance
• Government insurance corporation
• Farm credit insurance
• Insurance fund management
• Risk-based premium assessment

Headquarters

HQ city

Mclean

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Others

Revenue model

1. Insurance Premium Assessments: Farm Credit System banks pay annual insurance premium assessments which are deposited into the Farm Credit Insurance Fund. FCSIC is self-supporting and receives no annually appropriated funds. Premium rates are set by the Board of Directors, typically ranging from 8-20 basis points on adjusted insured debt, with additional surcharges on nonaccrual loans.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

FCSIC is an independent U.S. Government-controlled corporation that insures the timely payment of principal and interest on debt obligations issued by Farm Credit System banks, maintaining the Farm Credit Insurance Fund. Farm Credit System banks pay annual insurance premium assessments set by the FCSIC Board of Directors, which fund the Insurance Fund that backs approximately $266 billion of insured System debt. The corporation also conducts risk monitoring, publishes audited financial statements and annual reports, and provides loss-protection layers for investors in agricultural debt.

Product overview

Farm Credit System Insurance Corporation (FCSIC) is an independent U.S. Government-controlled corporation that provides insurance services to protect investors in agriculture and rural America. FCSIC's primary offering is the Farm Credit Insurance Fund, which insures the timely payment of principal and interest on insured debt obligations issued by Farm Credit System banks. The corporation also manages insurance premiums, maintains the insurance fund, oversees insured debt obligations, and provides risk management services. Additionally, FCSIC publishes financial statements and annual reports documenting the financial performance of the Insurance Fund. FCSIC is self-supporting and receives no annually appropriated funds, with operations entirely funded from amounts in the Farm Credit Insurance Fund, which is fed by annual premiums paid by Farm Credit System banks.

Differentiator

Problem solved

Functional benefit

Products and services

• Farm Credit Insurance Fund Debt Insurance Statutory insurance coverage that guarantees timely payment of principal and interest on approximately $266 billion of insured Farm Credit System debt obligations, protecting investors in Systemwide bonds and supporting a dependable source of funds for agricultural lending.
• Insurance Premium Assessment Services Annual mandatory premium assessments collected from Farm Credit System banks and deposited into the Farm Credit Insurance Fund, with rates set by the FCSIC Board of Directors (10 basis points on adjusted insured debt for 2026, plus surcharges on nonaccrual loans).
• Risk Management and Loss Protection Services

Quantifiable outcome

• Insurance Fund reached the required 2 percent target at year-end 2023
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core and minor.

• Farm Credit System BankscoreOthersFCSIC's primary function is to insure the timely payment of principal and interest on insured debt obligations issued on behalf of Farm Credit System banks. These privately owned banks and affiliated associations serve agricultural borrowers and rural communities nationwide.
• Federal Farm Credit Banks Funding CorporationminorOthersProvides financial data for FCSIC's risk reporting, including bank capital and Insurance Fund statistics used in annual reports and risk profiles.

Scale indicators4 records

Recent moves5 records

Expansion highlights3 records

Direct peers

• Ginnie Mae (GNMA): Ginnie Mae is a federal corporation within HUD that guarantees mortgage-backed securities issued by approved lenders. Like FCSIC, it provides timely-payment guarantees on pooled debt securities, ensuring investor confidence in a GSE-issued credit product.
• Farm Credit Administration (FCA): FCA is the independent federal regulator of the Farm Credit System — the same System whose debt FCSIC insures. FCA and FCSIC share the same institutional ecosystem and overlapping mission of ensuring safety and soundness of agricultural credit.
• Federal Deposit Insurance Corporation (FDIC): FDIC is a U.S. federal agency that insures bank deposits and resolves failed banks. It is the closest functional analog to FCSIC — both are federal insurance entities backstopping debt-like obligations of regulated financial institutions through a statutorily funded insurance fund.
• National Credit Union Administration (NCUA): NCUA administers the National Credit Union Share Insurance Fund, insuring deposits at U.S. credit unions. Like FCSIC, it operates a federal insurance fund financed by mandatory member premiums and provides loss protection to investors in member-issued obligations.
• Federal Housing Administration (FHA): FHA is a federal mortgage insurer that provides government-backed guarantees on home loans, funded through premiums and supported by federal authority. It is functionally comparable to FCSIC as a federal insurance program backstopping lender-issued credit instruments.
• Federal Home Loan Banks (FHLBank System): The FHLBank System is a GSE network that issues consolidated debt securities — the same debt-issuance model used by the Farm Credit System. FHLBanks operate alongside FCSIC in the U.S. GSE debt ecosystem with similar mission, structure, and investor-protection mechanisms.
• Pension Benefit Guaranty Corporation (PBGC): PBGC is a federal corporation that insures pension benefits against employer plan termination, funded by mandatory premiums. It mirrors FCSIC's structure: independent federal corporation, statutory insurance mandate, premium-funded trust fund, and a sole-product risk-insurance model.

Regional players

• Export-Import Bank of the United States (EXIM): EXIM is the U.S. government's official export credit agency, providing loan guarantees and insurance to support U.S. exports. While focused on trade finance rather than agricultural debt, EXIM shares FCSIC's federal-corporation structure, statutory mandate, and premium-funded credit-insurance model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Farm Credit System Insurance Corporation