![]() Industries for $18.6 Billion through a dual holding structure. ![]() In September 1998, the Zurich Financial Services Group was created from the merger with the financial services business of B.A.T. It was estimated that the losses from the Northridge earthquake alone were $1.3 billion. The 1989 San Francisco earthquake, 1991 Oakland fire, and 1994 Northridge, California, earthquake were the three most significant disasters. Multiple, large-scale disasters posed financial challenges to Farmers Insurance. ![]() for $5.2 billion and became the sole stockholder of the company's 68 million shares of common stock. Industries Plc, acquired Farmers Group, Inc. 1978Īfter an eight-month takeover battle, BATUS Inc., the American subsidiary of British conglomerate B.A.T. Leavey, the remaining co-founder, took the CEO position. 1959įarmers began annual participation in the Pasadena Rose Parade, launching its involvement in parades and community events nationwide. Seattle-based New World Life Insurance Company was acquired by Farmers. Aside from the insurance coverage provided by the original three exchanges, Mid-Century offered insurance coverage for Inland marine, robbery, burglary, personal lines, plate glass, selected bonds, and floaters. Mid-Century Insurance Company became a subsidiary of the Farmers Insurance Exchange. 1942įire Insurance Exchange, the third reciprocal insurer, was launched, specializing in home insurance. Architects Claud Beelman & Herman Spackler add 4 floors and a seventh-floor garden terrace for staff in 1949. New headquarters building to house the Farmers Automobile Inter-Insurance Exchange and Truck Insurance Exchange, designed by Walker & Eisen in the Moderne style, opens on Wilshire Boulevard. 1936įarmers Insurance Exchange was named the leading reciprocal in earned premiums for auto insurance by National Underwriter. Truck Insurance Exchange, a new reciprocal insurer, was launched to specialize in truck insurance. Two days later, Charles Brisco insured his 1925 Cadillac Phaeton and became the first Farmers customer. On March 28, 1928, the first meeting of the board of governors was convened. A sales manager and secretary completed the four-employee team. Tyler served as president with Leavey as vice president. Tyler and Leavey opened the doors to their newly founded company, Farmers Automobile Inter-Insurance Exchange, in downtown Los Angeles, California. Tyler and Leavey received a loan from the founder of Bank of America, enabling them to start their company. Tyler, the son of a South Dakotan insurance salesman, and Leavey, who had formerly worked for the Federal Farm Loan Bureau and the National Farm Loan Association, recognized that these farmers, ranchers, and other rural drivers were an overlooked market and wished to create their own auto insurance firm. During the 1920s, farmers across the United States were establishing their own mutual insurance firms and cooperatives in order to have less expensive policies. Tyler and Leavey had both grown up with rural backgrounds and believed that farmers and ranchers, who had better driving records than urbanites, deserved lower insurance premiums. Leavey first met after Tyler moved to California. History 1922 to 2000 1922įarmers' future co-founders John C. 6.1 Complaints to state insurance departments.
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