Raul Vargas took over as the CEO of Farmers Insurance Group, succeeding J. Paul Fitzpatrick III. He brings a wealth of experience to the role, having previously served as the company's president.
Vargas' appointment comes amidst significant changes within the company. Farmers Insurance Group has been undergoing a restructuring process, which has resulted in layoffs.
Raul Vargas to Replace Jeff Dailey as President
Raul Vargas will succeed Jeff Dailey as the President of Farmers Group, Inc. at the start of 2023.
Vargas has over two decades of international leadership experience across Latin America and Europe.
He currently serves as President of Distribution, Life and Financial Services for Farmers Group, Inc., overseeing sales and distribution efforts as well as Farmers New World Life and Farmers Financial Solutions.
Vargas will also become a member of the Board of Directors, a position previously held by Dailey.
Dailey is stepping down as President but will continue to serve as Chairman of the Farmers Group, Inc. Board of Directors.
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Vargas' extensive career with Zurich Financial Services Group includes eight years as CEO of Zurich Santander Insurance America.
He has also held several leadership roles across various geographies, including Head of Distribution and Proposition Management of Zurich Santander in Madrid, Spain, and Head of Life Business – Latin America in Miami, Florida.
Vargas' appointment was praised by Mario Greco, Zurich Group Chief Executive Officer, who noted that he offers a strategic and solutions-oriented path forward for the national insurer group.
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Frequently Asked Questions
Who is the new CEO of Farmers Group?
Raul Vargas is the new CEO of Farmers Group, appointed in January 2023. He brings over two decades of international leadership experience in the insurance industry.
How much does raul vargas make?
Raul Vargas, CEO of Farmers Insurance Exchange, earned over $3 million in his first year as CEO. This is 65% less than what his predecessor, Jeffrey Dailey, earned in 2022.
Who owns the Farmers Insurance Group?
Farmers Insurance Group is owned by Zurich Insurance Group, a Swiss-based company. Farmers Group, Inc. is a wholly owned subsidiary of Zurich Insurance Group.
Sources
- https://www.insurancejournal.com/news/national/2023/06/09/724690.htm
- https://www.usatoday.com/story/money/2023/08/28/farmers-insurance-layoffs-2023/70702616007/
- https://www.reinsurancene.ws/raul-vargas-to-succeed-jeff-dailey-as-farmers-group-president-ceo/
- https://ddjmyers.com/positions/chief-executive-officer-29/
- https://contactout.com/raul-vargas-email-15081
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