Farmers Insurance Group names Raul Vargas as its next CEO

American insurer Farmers Group has named Raul Vargas as its next Chief Executive Officer, replacing Jeff Dailey, who is retiring after more than a decade in the top role.

Vargas is currently President of Distribution, Life and Financial Services for the California-based subsidiary of insurance giant Zurich. He has more than 20 years’ experience in international leadership roles across Latin America and Europe, including eight years as CEO of Zurich Santander Insurance America.

In Farmers, Vargas is taking control of an organisation that has been in business for nearly 100 years. Today, it offers customers a range of vehicle, home and small business insurance, with more than 19mn individual insurance policies and over 20,000 employees. The appointment will take effect from 1 January 2023, subject to regulatory approvals.

Vargas ‘an outstanding leader and excellent fit’

Incoming Farmers CEO Raul Vargas says: “It’s an honour and privilege to have been selected to lead Farmers. I’m dedicated to working with our talented team to drive sustained growth and continuously enhance the experience of our valued customers. I am thankful to Jeff for his continued leadership, and I look forward to working closely with him to build on the work he’s accomplished.”

Jeff Dailey, who became CEO of Farmers Group in 2012, says: “It’s been an honour to lead Farmers over the years. I am grateful to have worked with incredibly talented individuals through my time here, and I look forward to continuing to serve the brand as an advisor and Chairman of the Farmers Group Board of Directors.”

Mario Greco, Zurich Group’s Chief Executive Officer, adds: “Raul is an outstanding leader and an excellent fit for the role. He has a strong track record growing one of our largest retail businesses by delivering product innovations and optimising distribution, while improving the experience of customers.

“Jeff has made a positive impact at Farmers over more than a decade of leadership and service. He has successfully led the organisation by delivering strong results, driving technological innovation and fostering a culture of collaboration. I highly appreciate his contributions and leadership within the whole group.”