Reinsurance News
Farmers Insurance
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
National General acquires QBE North America’s National Farmers Union
5th August 2019
National General Holdings Corp. has completed its previously announced acquisition of National Farmers Union Property and Casualty Company (National Farmers Union Insurance) from QBE North America. The purchase price for this deal was $52.8 million subject to customary post-closing adjustments. The firm explains that the change in the closing purchase price ... Read the full article
Australian insurers propose new measures to support drought-affected farmers
29th October 2018
The Insurance Council of Australia (ICA) has lent its support to a series of proposals designed to improve the uptake of farm income and crop insurance for primary producers in Australia. Rob Whelan, Chief Executive Officer of the ICA, said that access to better data, removing unfair taxes, and introducing incentives ... Read the full article
African farmers receive pay-outs of $1.5mn following drought
14th May 2018
Smallholder farmers under the R4 Rural Resilience Initiative (R4) climate risk management scheme have received pay-outs of US $1.5 million following poor rainfall in Ethiopia, Kenya, Malawi, Senegal, and Zambia. The R4 scheme, which was launched in 2011 by the United Nations World Food Programme (WFP) and Oxfam America, is designed ... Read the full article
Spanish farmers renew Meteo Protect weather cover following 2017 heatwaves
26th April 2018
Meteo Protect is to provide parametric weather re/insurance for the second year running to 22,000 olive farmers in Spain following record-breaking temperatures during the summer of 2017. The Agricultural Association of Young Farmers (Asaja), which is the largest professional agricultural association in Spain, will provide the insurance, which protects olive fields ... Read the full article
Swiss Re joins global alliance to support smallholder farmers
25th April 2018
Swiss Re Corporate Solutions has launched a new global initiative in collaboration with World Bank Group member IFC, pharmaceutical and life sciences company Bayer, and irrigation manufacturer Netafim, which aims to support smallholders grow their farms into sustainable, commercially viable businesses. The initiative, called Better Life Farming, will offer risk transfer ... Read the full article
Reinsurers to pay most of Farmers $1.2bn Northern Cali wildfire bill
15th December 2017
Farmers Insurance has announced that it's received more than 4,000 claims from the Northern California wildfires, with an estimated total cost of $1.2 billion, the majority of which will be passed onto its reinsurers. The California Department of Insurance announced recently that insurance claims filed in relation to the October ... Read the full article
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