Elders is to sell its insurance business along with its iconic rural services business in a bid to retain control of its destiny.

“Absolutely, all Elders rural businesses will go as part of the sale process and insurance is part of that,” Elders CEO Malcolm Jackman told insuranceNEWS.com.au.

The sale process will involve Elders producing a “detailed memorandum of understanding over the next six weeks. Early next year there will be detailed discussions with potential bidders.”

Elders sold its underwriting business to QBE in 2009 but retained a 25% stake in its agency network, which earned about $6.2 million last financial year.

Mr Jackman says the rural services sale announced last week is aimed at heading off an unwelcome takeover offer.

Earlier this month Ruralco Holdings approached Elders with an informal proposal about a possible merger.