Reinsurance News
Farmers Insurance
Farmers appoints Eric Coleman as President of Business Insurance
11th April 2024
Farmers Insurance has recently announced the appointment of Eric Coleman as the new President of Business Insurance. In his new role, Coleman will directly report to Raul Vargas, CEO of Farmers, and assume responsibility for spearheading commercial underwriting, product, strategy, finance and exploring new market opportunities for the Farmers business insurance ... Read the full article
Farmers Insurance appoints John Griek as new CFO
5th April 2024
Farmers Insurance has recently announced the appointment of John Griek to the position of Chief Financial Officer (CFO). In his new role, Griek will directly report to Raul Vargas, President of Distribution, Life, and Financial Services, and will oversee all financial matters for the organisation. Vargas underscores Griek's extensive experience, stating, "John ... Read the full article
Farm bureau insurers experience growth despite underwriting challenges: AM Best
5th February 2024
A recent report from AM Best reveals that the U.S. property/casualty (P/C) farm bureau segment has witnessed a 13% increase in premiums over the past two years, largely fueled by personal auto, homeowners, and farmowners’ business lines. The report notes that this growth aligns with the overall expansion of the P/C ... Read the full article
Farmers Group to acquire three brokerages and flood program of Farmers Exchange
14th November 2023
Zurich, through its wholly-owned subsidiary, Farmers Group (FGI), has agreed to acquire three brokerages and the flood program servicing arm of the Farmers Exchanges, for $760 million. According to the announcement, “ownership of the brokerages will ensure FGI maintains and broadens its position in supporting the Exchanges in meeting customers’ needs ... Read the full article
Slide acquires renewal rights for 86,000 Farmers Insurance Homeowners Policies in Florida
13th October 2023
Slide Insurance, the full-stack homeowners insurtech, has acquired renewal rights for 86,000 Florida homeowners insurance policies from Farmers Insurance. The transaction, however, does not include Farmers Insurance renters, auto, or umbrella policies. It has been confirmed, that to facilitate a seamless transition, Farmers agents across Florida will be offered an appointment with ... Read the full article
Farmers pulls out of Florida, affecting 100,000 policies
12th July 2023
Farmers will no longer offer coverage in Florida, ending auto, home, and other policies in the state, with the decision set to impact an estimated 100,000 policyholders. The organisation notified the Florida Office of Insurance Regulation (OIR) of its decision. Insurers must give the office 90 days' notice if they want ... Read the full article
Farmers Insurance to limit home policies in California, APCIA responds
10th July 2023
Farmers Insurance is capping its new homeowners policies in California starting this month, marking yet another major carrier limiting its coverage in the state. “Effective July 3, Farmers will limit new homeowners insurance policies in California to a level consistent with the volume we projected to write each month before recent ... Read the full article
Farmers Insurance hires its new Chief Risk Officer
10th May 2023
Farmers Insurance has appointed Christian Vink to the role of Chief Risk Officer (CRO). A well known veteran across the industry, Vink brings more than two decades of experience towards his new role. He joins Farmers Insurance after spending over a decade working at Zurich, where he most recently served as Head ... Read the full article
Moody’s downgrades ratings of Farmers Insurance Group
11th October 2022
Moody's Investors Service has downgraded the insurance financial strength (IFS) rating of Farmers Insurance Exchange, the lead member of Farmers Insurance Group (Farmers) to A3 from A2 and the surplus note rating to Baa3 (hyb) from Baa2 (hyb). Read the full article
Farmers Insurance closes $160m Topanga Re cat bond
24th December 2021
Farmers Insurance has successfully closed a $160 million 144A catastrophe bond completed through Topanga Re Ltd. The company entered into a multi-year reinsurance arrangement with Topanga Re, a newly established special purpose insurer in Bermuda which provides Farmers with indemnity-based coverage. The catastrophe bond was designed to integrate into Farmers' existing traditional ... Read the full article
Farmers Insurance to use mobile robot for catastrophe claims
27th September 2021
Farmers Insurance plans to use a digitally controlled mobile robot to assist with in-field catastrophe claims handling and non-catastrophe property inspections, in an effort to improve safety and efficiency. Created by Boston Dynamics and customized for Farmers, a robotic quadruped will join claims personnel beginning as early as fall 2021 to ... Read the full article
MetLife completes sale of US P&C business to Zurich
8th April 2021
MetLife, Inc. has announced the completion of its previously announced sale of Metropolitan Property and Casualty Insurance Company and certain wholly-owned subsidiaries to Farmers Group, Inc., a subsidiary of Zurich Insurance Group. First reported in November, the $3.94 billion deal sees Farmers Group jointly acquire MetLife Auto & Home ... Read the full article
Farmers Insurance takes minority stake in fintech company Jetty
28th January 2021
Farmers Insurance Group has deepened its relationship with Jetty via an equity investment in the fintech company, designed to further enhance Jetty's existing products and to support the development of new fintech solutions. The investment comes roughly seven months after it was revealed that Toggle Insurance, a subsidiary of Farmers Insurance, ... Read the full article
Farmers Insurance to reinsure policies for fintech Jetty
24th June 2020
Jetty, a fintech company that helps property managers increase lease conversion, reduce bad debt, and streamline operations, has announced a new deal with Farmers Insurance. Under the terms of the deal, Toggle Insurance Company, a Farmers Insurance company, will become the exclusive reinsurance provider for all new policies written under Jetty's core ... Read the full article
Chris Flint named President of Farmers New World Life Insurance Company
17th April 2020
US primary insurer Farmers Insurance has announced the appointment of Chris Flint as President of Farmers New World Life Insurance Company. Flint will join the company and take up his new position on April 20, 2020. He will report directly to Steve McAnena, President of Distribution, Life and Financial Services, and will ... Read the full article