Farm Bureau Property & Casualty lends an insurance-friendly hand to agricultural businesses and other customers in the Midwest and West. The company primarily offers property/casualty insurance products to farmers and ranchers. Its lines of coverage include farm owners, homeowners, commercial liability, crop, auto, and disability. A network of exclusive agents distributes the company's products in Arizona, Iowa, Kansas, Minnesota, Nebraska, New Mexico, South Dakota, and Utah. The insurance provider and its sister company, Western Agricultural Insurance, are held by Farm Bureau Mutual Holding Company and managed by life insurance provider FBL Financial Group.
Homeowners and private passenger auto insurance premiums account for about two-thirds of Farm Bureau Property & Casualty's total premiums earned.
Manager FBL Financial Group (controlled by the Iowa Farm Bureau Federation) primarily operates through its Farm Bureau Life subsidiary, while it provides administrative and management services for the operating units of Farm Bureau Mutual for a fee. All of the companies are known collectively as the Farm Bureau Financial Services organization.
Sales and Marketing
More than 1,700 exclusive agents and agency managers distribute the policies of Farm Bureau Property & Casualty and its sister company, Western Agricultural. The agents are part of FBL Financial organization and also market life insurance policies underwritten by Farm Bureau Life.
Farm Bureau Property & Casualty's revenue increased by 7% in 2013 due to higher premium earned.
Net income decreased by 7% that year due to higher losses incurred, and a decline in net realized capital gains and aggregate writing for miscellaneous income.
At the start of 2010, the company restructured from a mutual insurer to a stock property/casualty insurer and changed its name from Farm Bureau Mutual Insurance Company to Farm Bureau Property & Casualty. While its shares are all still held by the new mutual holding company (Farm Bureau Mutual Holding Company) formed through the restructuring, the new structure allows the company a bit more flexibility in the marketplace.
The company was formed in 1939.