Delaware Governor Jack Markell Invited to Attend Farmers Insurance Signing Ceremony...
Delaware Governor Jack Markell Invited to Attend Farmers Insurance Signing
Ceremony Announcing Acquisition of AIG's Personal Auto Insurance Group, Which
Includes 21 st Century Insurance Company, Officed in Wilmington
Press Conference to Follow Formal Signing
WILMINGTON, Del., July 10 /PRNewswire/ --
WHO: Delaware Governor Jack Markell (invited),
Insurance Commissioner Karen Weldin Stewart and
Director of Economic Development Alan Levin (confirmed),
will join
Paul N. Hopkins, Farmers Group, Inc. Chairman of the Board and
CEO of the Americas, Zurich Financial Services;
Farmers Group, Inc. CEO F. Robert Woudstra; and 21 st Century
CEO Tony DeSantis
WHAT: Press conference at Noon, to discuss 21 st Century acquisition
WHEN: Tuesday, July 14, 2009
WHERE: 21st Century Insurance and Financial Services, 3 Beaver Valley
Road, Wilmington, DE 19803.
Call-in number for media unable to attend:
1-877-672-1055
Code: 2522115
The Farmers Insurance Group of Companies(R), has completed the acquisition of
AIG's U.S. Personal Auto Group, which includes 21st Century Insurance. A
formal signing ceremony press conference to discuss the acquisition will be
held at 21 st Century's headquarters Tuesday, July 14, 2009 at noon.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080605/LATH062)
As a result of the acquisition, AIG's U.S. personal auto insurance business
has been sold to Farmers Group, Inc., a Los Angeles-based subsidiary of Zurich
Financial Services Group. Farmers Group, Inc. then sold the underlying
insurance entities to the Farmers Exchanges, which Farmers Group, Inc. manages
but does not own, for approximately $1.4 billion.
"On behalf of Zurich Financial Services, I would like to extend a warm welcome
to 21st Century CEO Tony DeSantis and his highly professional and accomplished
management team and employees," said Paul N. Hopkins, Farmers Group, Inc.
Chairman of the Board and CEO of the Americas, Zurich Financial Services.
"This acquisition represents a perfect strategic business fit and will
dramatically transform the insurance landscape by positioning Zurich/Farmers
as the leading multi-line, multi-channel insurer in the U.S. Most
importantly, this acquisition enables us to accommodate the shopping needs of
all insurance consumers in North America," Hopkins added.
Farmers Group, Inc. CEO F. Robert Woudstra described the acquisition as a
positive and historic milestone for Farmers, 21st Century, Farmers agents,
and, most importantly, insurance consumers across the U.S.
"This acquisition by the Farmers Exchanges strengthens Farmers place as the
3rd largest personal lines insurer in the U.S., and the acquisition positions
the Farmers Exchanges as the largest auto insurer in several states, including
California," noted Woudstra. "The acquisition is the largest in the 81-year
history of Farmers."
The acquired companies operate in 49 states and Washington, D.C.; have more
that 2.4 million customers; and insure more than 4 million vehicles in the
U.S. Further, 21st Century Insurance is the nation's 3rd largest traditional
"direct" writer of insurance. Without including 21st Century customers,
Farmers already provides auto, home, business, specialty, life insurance and
financial services to 10.5 million U.S. households.
In addition to the positive impact on consumers, Mr. Woudstra explained that
Farmers vast national network of insurance agents also will benefit from the
acquisition. "This acquisition will enable 21st Century customers to have
access to Farmers agents, who can help them with their other insurance needs,
such as homeowners, business, specialty products, life insurance and financial
service products," Mr. Woudstra said.
"Since our founding in 1928, Farmers has been built by thousands of loyal,
passionate, customer-focused Farmers agents, district managers and employees,"
Mr. Woudstra added. "Farmers is strongly committed to growth, success and
expansion, all of which include a strong, vibrant agency distribution system.
The acquisition of 21st Century is an extension of that commitment to our
agents, raising their visibility and access to the rapidly expanding network
of internet shoppers."
Mr. Woudstra explained research clearly shows that more and more insurance
consumers are shopping, quoting and purchasing insurance products online.
"This addition of 21st Century will provide Farmers with a geographically
broader and more diverse market presence across the country, including the
eastern seaboard - a key target market for future Farmers growth." Mr.
Woudstra added.
"When you combine this acquisition with our other, successful, recent
acquisitions and integrations of the Foremost Insurance Group in 2000 and the
Bristol West Insurance Group in 2007, it's quite obvious we are committed to
growing our business when it makes strategic sense to do so for the benefit of
our customers, our agents and our prospective customers," concluded Mr.
Woudstra.
About Farmers
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 our Web site at www.farmers.com.
About Zurich
Zurich Financial Services Group (Zurich) is an insurance-based financial
services provider with a global network of subsidiaries and offices in North
America and Europe as well as in Asia Pacific, Latin America and other
markets. Founded in 1872, the Group is headquartered in Zurich, Switzerland.
It employs approximately 60,000 people serving customers in more than 170
countries.
SOURCE Farmers Group, Inc.
Jerry Davies of Farmers Group, Inc., +1-213-400-4459,
jerry.davies@farmersinsurance.com
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