Farmers Insurance Group (informally Farmer ) is a group of car insurance companies, homes and small businesses of the United States and also provides insurance products and other financial services. Insurance Breeders have over 48,000 exclusive and independent agents and about 21,000 employees. It is a subsidiary of Swiss company Zurich Insurance Group
Video Farmers Insurance Group
History
1922 to 2000
- 1922
The future establishment of farmers John C. Tyler and Thomas E. Leavey first met after Tyler moved to California. Tyler and Leavey have grown up with a rural background and believe that farmers and ranchers, who have better driving rates than urban people, are entitled to lower insurance premiums. During the 1920s, farmers across the United States built their own insurance and cooperative companies for cheaper policy. Tyler, son of a South Dakotan insurance salesman, and Leavey, who previously worked for the Federal Farm Loan Bureau and National Farm Loan Association, recognize that farmers, ranchers and other rural drivers are a missed market and want to create their own auto insurance company.
- 1927
Tyler and Leavey received loans from Bank of America founders, enabling them to start their companies.
- 1928
Tyler and Leavey open the doors to their newly established company, Farmers Interchange Car Insurance , in downtown Los Angeles, California. Tyler served as president with Leavey as vice president. A sales manager and secretary complete a team of four employees.
On March 28, 1928, the first meeting of the governing council was held. Two days later, Charles Brisco insured his 1925 Cadillac Phaeton and became the first farmer customer.
- 1935
Truck Insurance Exchange , a new reciprocal insurance company, was launched to specialize in trucking insurance.
- 1936
Farmers Insurance Exchange named leading reciprocity in obtaining premiums for car insurance by Underwriters.
- 1937
The new headquarters builds into the Car Exchange House of Agricultural Interchange and Truck Insurance Exchange, designed by Walker & amp; Eisen in the Moderne style, open on Wilshire Boulevard. Architects Claud Beelman & amp; Herman Spackler added 4 floors and a garden terrace on the seventh floor to the staff in 1949.
- 1942
The Fire Insurance Exchange , the third reciprocal insurance company, was launched, specializing in home insurance.
- 1950
Medieval Insurance Company becomes a subsidiary of Farmers Insurance Exchange. Aside from the insurance coverage provided by the three original exchanges, Mid-Century offers insurance coverage for Inland marine, robbery, robbery, private lanes, plate glass, selected bonds, and floaters.
- 1953
Seattle-based New Life Insurance Company was acquired by Farmers.
- 1959
Farmers begin annual participation in the Pasadena Rose Parade, launching their involvement in national community parades and events.
- 1973
John C. Tyler died at the age of 86. Thomas E. Leavey, the remaining co-founder, took the CEO position.
- 1978
Thomas E. Leavey retired.
- 1988
After an eight-month takeover battle, BATUS Inc., a subsidiary of the United States conglomerate B.A.T. Industries Plc, acquired Farmers Group, Inc. worth $ 5.2 billion and became the sole shareholder of the 68 million common shares of the company.
- 1989, 1991, and 1994
Large-scale disasters pose a financial challenge for Farmers Insurance. The 1989 San Francisco Earthquake, Oakland 1991 fire, and 1994 Northridge, California, earthquake were the three most significant disasters. It is estimated that the losses caused by the Northridge earthquake alone are $ 1.3 billion.
- 1998
In September 1998, the Zurich Financial Services Group was formed from a merger with the financial services business of B.A.T. Industry of $ 18.6 Billion through a dual ownership structure.
2000 to present
- 2000
In March 2000, Farmers' Exchange acquired the Leading American Corporations (Leading Insurance Group), a leading author of the leading production houses and insurance companies of recreational vehicles, boats and other special lines.
In August 2000, the Financial Solutions Farmer registered with the US Securities and Exchange Commission as a trader broker. Through it, Farmers began offering mutual funds and variable insurance products.
In October 2000, the Zurich structure was simplified and put together under a single Swiss holding company. Allied Zurich and Zurich Allied stocks were replaced by shares of the new Zurich Financial Services incorporated with the main list on SWX Swiss Exchange (ticker symbol: ZURN) and secondary lists in London. Zurich American Depositary Receipts Financial Services (ADRs) are traded on the American Stock Exchange.
- 2005
In 2005, after Hurricane Rita hit Beaumont, Texas, leaving it without electricity, Farmers Insurance brought in nearly 300 insurance savers to assess exterior property damage to accelerate the reconstruction effort, provide $ 100,000 for emergency operations centers, and two much-needed megawatts of power generators.
- 2007
In July 2007, Farmers' Exchange acquired Bristol West Holdings, Inc., the parent of a group of insurance companies specializing in non-standard car insurance, which provides insurance protection for drivers who note driving or other issues make it difficult to obtain insurance.
During the October 2007 forest fires in California, Farmers was one of the few companies providing facilities to help their customers. In addition to writing checks for evacuation fees, damage claims, lodging and meals, the company runs an advertisement that urges their customers to take advantage of this facility. The company now also has 2 buses that serve as the Mobile Command Center. This mobile claims center arrived at Qualcomm Stadium just two days after the fire started.
- 2009
In April 2009, Farmers announced that they would get 21st Century Insurance from AIG for $ 1.9 billion. This acquisition makes Farmers the third largest private insurance company in the US. Assets acquired include AIG Hawaii.
- 2014
In response to the increasing number of deadly storms between 2010 and 2013, Insurance Breeders began "researching models that can be implemented by municipalities across the United States to reduce the time needed for housing recovery." In collaboration with SBP, a disaster relief organization based in New Orleans, the result is a Disaster Recovery Playbook, a growing online resource. Since the beginning of the guide-making, AmeriCorps has been brought to the team.
Maps Farmers Insurance Group
Operation
- The Farmers Exchange, headquartered in Los Angeles, CA, are three mutual insurance or inter-insurance exchanges (Farmer Insurance Exchange, Fire Insurance Exchange and Truck Insurance Exchange) owned by their policyholder. Farmers Exchange, directly or through their subsidiaries and affiliates, offers homeowners insurance, auto insurance, commercial insurance, and financial services throughout the United States. Farmers Group, Inc. (dba Farmers Underwriters Association) and its subsidiaries, Truck Underwriter Association and Fire Officers Association, provide certain non-claims administration services to the Farmers Exchange as their real lawyers. Farmers Exchange has no ownership interest in Farmers Group, Inc., and neither Farmers Group, Inc. as well as its parent, Zurich Financial Services Ltd., a Swiss company, holds holdings in one of the Farmer's Shares.
- The First Insurance Group, headquartered in Grand Rapids, Michigan, is a group of companies that primarily insure specialty products such as mobile homes, motor homes, travel trailers and special residences, motorcycles, off-road vehicles, boats and private boats. The company was founded in 1952 and was acquired by Farmers Exchanges in March 2000. The most important companies are subsidiaries of Farmers Exchanges. The Bristol Bristol Insurance Group became part of Farmers in July 2007. In 1973, he began providing personal passenger car insurance to residents in Florida and now provides liability insurance and physical damage - focusing exclusively on private passenger vehicles - across the United States. The Bristol West Company is a subsidiary of Farmers Exchanges.
- The 21st Century Insurance , headquartered in Wilmington, Delaware, became part of Farmers in July 2009. Using internet and direct response marketing channels, 21st century private car insurance market to consumers across United States of America. 21st Century Insurance Company is a subsidiary of Farmers Exchange.
- The New World Life Insurance Farmer started as a Catholic Life Insurance Company in Spokane, Washington in 1910. Later that year his name was changed to New World Life Insurance Company. In 1953, it was acquired by Farmers Group, Inc. In 1954, his name was changed to the New World Life Insurance Company. The New World Life Insurance Company is now based in the Seattle suburb of Mercer Island, Washington. It offers flexible universal life insurance, traditional life insurance, life insurance and annuity. Farmers New World Life Insurance Company is a subsidiary of Farmers Group, Inc.
- Farmers Financial Solutions, LLC. was created by Farmers Exchanges in 2000 to provide financial products to customers.
Products and services
Farmers products and services include:
- car insurance;
- home insurance, including homeowners' insurance, condominiums and tenants, auto and artificial home insurance, special home insurance, including landowners and rental properties, seasonal homes, and vacation homes, and flood insurance through the National Flood Insurance Program;
- motorcycle insurance;
- life insurance, including term life insurance, whole and universal;
- recreational insurance, such as insurance for ships, ATVs, RVs, and travel trailers;
- business insurance for small and medium businesses, such as property and liability insurance, compensation insurance for commercial cars and workers for apartments and commercial property owners, artisan contractors, condo owners associations, retail stores, service providers, offices, religious organizations, education and non-profit, hotel, motel, bed & amp; breakfast, and other businesses in light manufacturing, restaurants, wholesale, and auto & amp; improve the industry; and
- services and financial products, such as mutual funds and variable annuities.
Sponsors
Farmers Field
In February 2011, Farmers announced that they had agreed to sponsor a football stadium in the city of Los Angeles. The stadium will be located in the city center, close to the Staples Center. The contract is signed for 30 years, and the estimated cost is $ 700 million. The deal will start with $ 20 million for the first year, then eventually increase. The stadium is planned to be named "Farmers Field". The stadium project was canceled after Kroenke & amp; Entertainment announced their own stadium to be built to house the Los Angeles Rams and Los Angeles Chargers.
Open Farmer Insurance
Farmers became the main sponsor of the PGA Open Farmers Insurance tournament in Torrey Pines, CA in 2010. This event raises millions of local San Diego charities each year. www.farmersinsuranceopen.com
NASCAR
Farmer is the sponsor of Chevrolet SS No. 5 driven by Kasey Kahne for Hendrick Motorsports in the NASCAR Monster Energy Cup Series from the 2012 season until the end of the 2017 season. The previous year, Farmers sponsored Mark Martin and a few years earlier, Travis Kvapil. Farmers were the first to introduce #hashtag on race cars. Kahne's first win at No. 5 was in 2012's Coca-Cola 600 at Charlotte Motor Speedway. Farmers promote their motor sport relationships through the Farmers Racing website. At the end of the 2017 season, Farmers Insurance leaves Hendrick Motorsports and NASCAR. This combination resulted in 6 wins in 6 years together including Brickyard 400.
Television
Farmers Insurance Group's television commercials are usually centered around "Farmers University," a fictitious institution where professor Nathaniel Burke (J. K. Simmons) educates the Farmers' employees about various unlikely insurance claims (often involving cunning animals) covered by the company.
Criticism
Complaints to the state insurance department
In 2006, Farmers Insurance received the most number of complaints to the state insurance department in Washington and Oregon.
In Moeller v. Farmer Ins. Co. of Washington (2013), the company is alleged to have failed to comply with state law by not paying "lost value," which is a loss in value suffered by certain vehicles insured even after they are repaired. Class action lawsuit settled in return for payments from companies not exceeding $ 48.5 million. The company refused any obligations. In 2015, Farmers were hit with class action allegedly by current employees and former employees who said they had shortened overtime pay and rest. The lawsuit was filed under the Personal Attorney of California Act by four representatives of senior commercial claims claiming that Farmers incorrectly classify them as exceptions from overtime pay when they are often asked to be larger than the standard 8 hours a day and thus sometimes more from 40 hours per week. Also in 2015, a number of female lawyers employed as Farmers' internal legal advisors filed a class action lawsuit claiming that they had been discriminated against underpayed salaries than male prosecutors in a comparable position and passed for promotion. opportunities. Class action was completed in June 2016 with an agreement that provides $ 4 million for class members as well as a commitment by Farmers to a number of future job policy changes. This will include an increase in the number of female lawyers in higher salaries and a three-year period in which a company official will monitor compliance with the agreement, provide diversity training to lawyers within the company and provide regular progress reports to lawyers representing the plaintiff in class suits action.
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Financial rating
- A.M. Best Company: A (Extraordinary)
- Moody's Investor Service: A2 (Good)
- Standard and Poor's: AA- (Very Strong)
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Customer service notes
- The 2006 American Customer Satisfaction Index conducted by the University of Michigan found that customer satisfaction with Farmers is at exactly the same level as the entire Wealth and Wealth Industry. In addition, farmers' satisfaction levels were the most increasing from 2005 to 2006 among the companies surveyed.
- In March 2006, Consumer Reports regarded Farmers Insurance as one of the "poorest players" among 27 insurance companies in terms of paying claims (auto) within 30 days or less.
- In the JD Powers 2007 Collision Improvement Satisfaction Study, which covered customers surveyed between 2001 and 2004, Farmers Insurance received the lowest possible rating in all four categories studied: "Overall Experience," "Claims Settlement," "Representative Claims" and "Claims Process and Procedures." Of the 26 companies surveyed, Farmers are tied for 20th place.
- In 2005, 2006 and 2007, the Farmers Insurance Group won the JD Power Award. for Call Center Customer Service Excellence.
- In 2008 Bristol West had a complaint ratio of 3.42 while the national median was 1.0 according to NAIC.
- In 2006, Farmers Insurance received the highest number of complaints to the state insurance department in Washington and Oregon.
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See also
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References
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External links
- Official Insurance Farmers Association website
Source of the article : Wikipedia
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