WOODLAND HILLS, Calif., June 4, 2015 /PRNewswire/ -- Farmers Insurance Exchange, the largest of the three primary insurance entities that make up the Farmers Insurance Group of Companies®, today was named to the list of Fortune magazine's 500 largest companies based in the United States, coming in at number 264.
"We are pleased that Farmers Insurance Exchange has been recognized as among the nation's largest and most successful companies," said Jeff Dailey, chief executive officer of Farmers Group, Inc., which serves as the attorney-in-fact for Farmers Insurance Exchange. "This acknowledgement provides clear validation of our accomplishments in the marketplace."
The Farmers Insurance Group of Companies, or Farmers InsuranceSM, is composed of Farmers Insurance Exchange (FIE), Fire Insurance Exchange and Truck Insurance Exchange, which are three reciprocal insurers owned by their policyholders, together with their subsidiaries and affiliates. Under the Farmers®, Foremost®, 21st Century and Bristol West® brands, Farmers Insurance has become a leading U.S. insurer group, insuring automobiles, homes and small businesses. Farmers Insurance also provides a wide range of other insurance and financial services products to customers.
Since its founding in 1928, Farmers Insurance has sold products and services through a network of Farmers agency owners who are independent small business owners based in communities across the nation. Currently, there are more than 13,000 Farmers agency owners nationally who receive training from the University of Farmers®, which provides industry-leading learning and development programs to help agents further enhance their skills. Farmers Insurance continues to look for talented leaders and individuals with a record of professional success to support additional growth in its existing markets and its expansion into new states. To assist those interested in becoming Farmers agency owners, Farmers recently introduced further incentives for qualified candidates to provide additional support to those transitioning to agency ownership.
"Organizationally, Farmers Insurance has been on an ongoing journey to bring the power of Smart to consumers. At Farmers Insurance, we believe in smart and are committed to making our customers smarter, more informed and better prepared to manage risk today and tomorrow," added Dailey. "Our current efforts at improving customer centricity and serving customers through our omni-channel approach have begun delivering sustainable results. I couldn't be more enthused about the future of Farmers."
In reports supplied to Fortune magazine, FIE reported $11.3 billion in revenue in 2014 and assets of more than $15.6 billion. While this year's submission to Fortune magazine by FIE did not include similar data for Fire Insurance Exchange or Truck Insurance Exchange, the combined figures for the three reciprocal insurers would have shown combined revenue of $14.2 billion and total combined assets of $20.0 billion.
About Farmers Insurance Exchange and the Farmers Exchanges
Farmers Insurance Exchange is a California-domiciled reciprocal insurer owned by its policyholders. Together with Fire Insurance Exchange, Truck Insurance Exchange and their subsidiaries and affiliates (collectively, the "Farmers Exchanges"), these companies comprise the Farmers Insurance Group of Companies. The Farmers Exchanges serve more than 10 million households with over 19 million individual policies through the efforts of over 13,000 exclusive agency owners and more than 13,000 employees. "Farmers®", "Farmers InsuranceSM", and "Farmers Insurance Group of Companies®" are trade names of the Farmers Exchanges. Headquartered in Woodland Hills, California, the Farmers Exchanges have regional facilities throughout the United States, including major centers in Austin, Grand Rapids, Kansas City, Oklahoma City, and Portland, among others. For more information about Farmers, visit its Web site at www.farmers.com or at www.Facebook.com/FarmersInsurance.
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Trevor Chapman |
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Luis Sahagun |
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SOURCE Farmers Insurance Exchange
