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August 29, 2023 at 2:37 PM The Farmers Insurance Group logo Farmers Insurance is laying off 11% of its workforce — or about 2,400 workers — across all lines of its business.
Farmers Insurance Group (informally Farmers) is an American insurer group of vehicles, homes and small businesses and also provides other insurance and financial services products. Farmers Insurance has more than 48,000 exclusive and independent agents and approximately 21,000 employees.
American Family Insurance was founded on October 3, 1927, [5] when insurance salesman Herman Wittwer opened the doors of Farmers Mutual Insurance Company (not to be confused with the Farmers Insurance Group) in Madison, Wisconsin. At the time, the company's product was auto insurance and its target market was farmers.
The business reported profits of £164million for 2023. At the end of 2023, its total funds under management were £20.2 billion. The business currently underwrites around £2.222 billion in annual general insurance premiums for UK policyholders. [29] The business made a loss of £1.04bn reported at the AGM of 2023. [30]
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In 2023, customers filed 417 complaints to the Consumer Financial Protection Bureau over the bank's checking and savings accounts, a dramatic increase from 150 in 2018.
The company was founded in 1925 when a group of Illinois Agricultural Association members developed an organization to provide fire and lightning insurance for farmers. [ 4 ] In the company's first year of operation, more than 385 Illinois farmers worked part-time, offering insurance services to their friends and neighbors.