Farmers Group, Inc. · Los Angeles, CA United States
Company Description
View Farmers Group, Inc. Locations On A US Map
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This link will open in a new window Don't expect to see tractors in the parking lot of Farmers Group. The US subsidiary of Zurich Financial Services provides insurance management services to the members of the Farmers Insurance Exchange, Truck Insurance Exchange, and Fire Insurance Exchange -- which together form one of the leading US property/casualty insurers. Farmers Group does not own the exchanges, but acts as the companies' attorneys-in-fact. It chooses risks, distributes policy statements to customers, collects premiums, and provides other non-claims related services. The Farmers Group also is the holding company of Farmers New World Life Insurance , and specialty insurer Foremost Insurance . To read the full description, subscribe now.
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Key Farmers Group, Inc. Financials
| Company Type | Subsidiary Headquarters |
| Fiscal Year-End | December |
| Employees | 28,975 |
Farmers Group, Inc. Executives
16 executives listed for Farmers Group, Inc.'s Los Angeles, CA location.
| Title | Name & Bio | Contact |
| Chairman | Paul Hopkins | Network |
| CEO | F. Robert Woudstra | Network |
| EVP and CFO | Scott Lindquist | Network |
Competition
Competitive Landscape for Farmers Group, Inc.
Demand is driven by demographics and commercial transactions. Demand is also driven by legal or financial requirements. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies have big economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. Average annual revenue per worker is around $400,000, so the industry is not labor-intensive. In the late 2000s recession, insurers saw revenues decline sharply when their investment portfolios lost value after the market fell. Insurance carriers rely heavily on their investment portfolios, which is where they invest premiums collected until they are needed to pay claims or benefits. In addition, deregulation of the insurance and financial services industries led to increased risk taking that hurt insurers' credit ratings. Insurance giant AIG was forced to accept $150 billion in government loans to stave off bankruptcy that was brought on by its overexposure to credit default swaps. Federal government bailouts have primarily targeted banks. Aside from AIG, insurance companies have not been as hard hit by the subprime mortgage meltdown. But some insurance companies are seeking relief from state regulators to allow them to operate with less capital. Other insurance companies are buying financial institutions to qualify for federal aid. To read the full description, subscribe now.Top Farmers Group, Inc. Competitors
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