Click here for full article from Claims Journal written by Jim Sams

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One agent’s personal experience

I retired as a Farmers Agent effective December31, 2019, after twenty-eight years. I survived thru five CEO's, eight State or Regional Managers, and six District managers. I was at one time the longest consecutive profitable auto agent in the State of Michigan. I made Toppers four times. I was one of the first Agents to get my 6 and 63 licenses. I tried to always do right by Farmers Insurance....

 

After much cajoling by my District Manager and his office, I signed the new Agency Contract with the caveat that I could sell my Agency myself for the best price possible. Of course, it made sense that Farmers had to approve who I sold it to. So in anticipation of retiring, I negotiated a sale of my agency to another long term agent for 50% more than my Contract Value. It was a one time payment instead of three payments over a year.

 

I was told by my District Manager that Farmers in Michigan was only approving sales of agencies to new agents. Later I found that that was not true, agencies had recently been sold to existing agents. When I brought this to my state Marketing Manager's attention, I was told that my agency was too big to sell to an existing agent. So, I ended up selling my agency for Contract value and I understand that my District Manager's brother-in-law was able to buy it. Go Figure!

-          Anonymous source

**UFAA’s core mission is to inform and educate agents, so that they can make informed business decisions. It is not UFAA’s intention to make any implied or specific recommendation as to what decision any agent should make when it comes to their business. 

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2021 Important News Updates

PLAINTIFFS’ REPLY TO FARMERS GROUP, INC.’S OPPOSITION TO MOTION FOR CLASS CERTIFICATION

File 1        File 2

File 1: Plaintiffs Reply to Farmers Group, Inc.'s Opposition to Motion for Class Certification

File 2: Plaintiffs' Reply to the Farmers Defendants' Opposition to Class Certification

MESSAGE FROM JEFF DAILEY: FARMERS® AGREES TO ACQUIRE METLIFE AUTO & HOME®

Dear agents,

I'm pleased to announce that Farmers® has signed an agreement to acquire Metropolitan Property and Casualty Insurance Company and its subsidiaries (collectively "MetLife Auto & Home ® ").

Agents and district managers,

As you undoubtedly know, the pandemic has significantly reduced economic activity across the United States, putting pressure on virtually every industry and business, including Farmers® and the insurance industry as a whole. Prior to the pandemic, we had been falling behind our own growth goals, so we face some internal expense pressures we need to tackle.

Inside the Numbers: Who is the operational benefactor of the Farmers Insurance Exchanges?