Farmers Group Inc. has promoted Raul Vargas to become the company’s next President and Chief Executive Officer at the start of 2023.
Current President & CEO Jeff Dailey is stepping down, but will continue to serve as Chairman of the Farmers Group, Inc. Board of Directors. At the same time, Vargas will also become a member of the Board.
Vargas currently serves as President of Distribution, Life and Financial Services for Farmers Group, Inc., where he oversees sales and distribution efforts as well as Farmers New World Life and Farmers Financial Solutions.
Overall, Vargas has more than two decades of international leadership experience across Latin America and Europe.
His extensive career with Zurich Financial Services Group includes eight years as CEO of Zurich Santander Insurance America, in addition to several leadership roles across a wide array of geographies including Head of Distribution and Proposition Management of Zurich Santander in Madrid, Spain; Head of Life Business – Latin America in Miami, Florida; as well as Chief Life Actuary and Head of Product Development in Milan, Italy.
“We are delighted to have Raul Vargas serve as the 13th President & CEO of Farmers Group, Inc.. Raul in his current role as President of Distribution, Life and Financial Services offers a strategic and solutions-oriented path forward for the national insurer group to continue to deliver a high-level of service and quality insurance products to U.S. consumers,” said Mario Greco, Zurich Group Chief Executive Officer.
“His in-depth understanding of the insurance industry and his history as a strategic leader make him a unique nominee for the position.”
“It’s an honor and privilege to have been selected to lead Farmers in this next chapter of the organization’s history,” said Vargas.
“I’m dedicated to working with our talented team to drive sustained growth and continuously enhance the experience of our valued customers. I am thankful to Jeff for his continued leadership, and I look forward to working closely with him to build on the work he’s accomplished.”
Moreover, Dailey joined Farmers Group, Inc. in 2007 when the company completed its acquisition of Bristol West Holding. When he joined, Dailey served in a number of different roles, including CEO.
From 2008 to 2011, he served as Farmers Group, Inc. Executive Vice President of Personal Lines pushing forward new and innovative products for the organization. In 2011, he was then promoted to President and CEO and became a member of the Farmers Group, Inc. Board of Directors. He has served as Chairman since October 2015.
Greco, added: “Jeff has made a positive impact at Farmers over more than a decade of leadership and service. “He has successfully led the organization by producing positive business results, driving technological advances, fostering a culture of innovation and collaboration, as well as leading employees and the organization effectively through a global pandemic and some of the most eventful periods of time in Farmers more than 90-year history. We appreciate his contributions and leadership.”
Dailey, also added: “It’s been an honor to lead Farmers over the years. Since its founding in Los Angeles in 1928, Farmers has had a rich tradition of proudly serving its customers. It has been a privilege to propel the organization forward in a positive direction and to continue the legacy in which Farmers was founded. I am grateful to have worked with incredibly talented individuals through my time here as President & CEO, and I look forward to continuing to serve the brand as Chairman of the Farmers Group, Inc. Board of Directors.
“Raul is an accomplished and seasoned industry leader who has succeeded in senior roles at Zurich, most recently running Zurich’s innovative personal lines and life insurance distribution partnership with Santander in Latin America.
“Since joining Farmers earlier this year, he has impressed me with his curiosity, intelligence, and the diversity of his experience in the insurance industry. I am confident he will lead Farmers to continued growth and success.”
