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LOS ANGELES, Dec. 17, 2010 /PRNewswire/ -- Jeff Dailey has been promoted to the post of President and Chief Operating Officer (COO) of Farmers Group, Inc. effective January 1, 2011, the Los Angeles-based company and unit of Zurich Financial Services Group announced Friday. America's 3rd largest personal lines insurer also announced that Dailey will become Farmers Chief Executive Officer when current Farmers CEO F. Robert Woudstra retires at the end of next year.    

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Dailey, Farmers' current President of Personal Lines, will succeed Woudstra as President on January 1 and, over the next year, Dailey will continue to work closely and report to Woudstra leading up to Woudstra's planned retirement at the end of 2011.

"Taking on the President and COO role now will provide Jeff Dailey with invaluable experience before he succeeds Bob Woudstra as Farmers CEO upon Bob's retirement," said Martin Senn, Chief Executive Officer of Zurich Financial Services Group and Paul N. Hopkins, Chairman of the Board of Farmers Group, Inc., and Regional Chairman of the Americas for Zurich Financial Services Group.      

"Farmers Insurance takes great pride in its industry leading business results, its best in class employees and field sales force, and its clear emphasis on talent management and succession planning. Attracting, developing and promoting the best talent in our industry is part of our organization's proud 83-year history and tradition. That proud tradition continues with Jeff's promotion to President and COO," added Hopkins.

Under Woudstra's leadership, Farmers Insurance has produced successful business results during one of the most challenging and complex periods in U.S. history. Woudstra joined Farmers in 2000 with the acquisition of Foremost Insurance Company, where he began his career in 1973. Woudstra was named President of Farmers Insurance in 2007 and CEO in 2009.  

Dailey joined Farmers Insurance in 2007 with its acquisition of Bristol West Holdings, where he served as Bristol West CEO. He began his career as a claims adjuster with Mutual Service Insurance. Early in his career, Dailey worked at Progressive Insurance Company. After leaving Progressive, Dailey formed Reliant Insurance Company, an auto insurance start-up owned by Reliant Group Holdings, which was later sold to Bristol West in 2001. Dailey is a native of Detroit, Michigan and graduated from the University of Wisconsin system with a bachelor's degree in economics and a master's degree in business administration.  

"I am truly honored to take on this role and look forward to working with the entire Farmers Insurance team, including our outstanding agents, to create the best insurance company in America for the benefit of our customers," said Dailey, who currently serves as President of Personal Lines for Farmers Insurance.  

Dailey is only the 12th President in the history Farmers Group, Inc., which was founded in Los Angeles in 1928. Under Dailey's leadership as Personal Lines President, the company's personal lines business has grown during a challenging business cycle for the industry.  

Farmers Insurance Group of Companies is the country's 3rd largest insurer of both personal lines passenger automobile and homeowners insurance, and also provides a wide range of other insurance and financial services products.  Farmers Insurance is proud to serve more than 10 million households with more than 20 million individual policies across all 50 states through the efforts of over 50,000 exclusive and independent agents and nearly 24,000 employees.

Farmers is a trade name and may refer to Farmers Group, Inc. or the Farmers Exchanges, as the case may be. Farmers Group, Inc., a management and holding company, along with its subsidiaries, is wholly owned by the Zurich Financial Services Group. The Farmers Exchanges are three reciprocal insurers (Farmers Insurance Exchange, Fire Insurance Exchange and Truck Insurance Exchange), including their subsidiaries and affiliates, owned by their policyholders, and managed by Farmers Group, Inc. and its subsidiaries. For more information about Farmers, visit its Web site at www.farmers.com or at www.Facebook.com/FarmersInsurance.

SOURCE Farmers Insurance