Farmers Group Inc. on Oct. 5 said it promoted Raul Vargas to become the company’s 13th president and CEO at the start of 2023.
Jeff Dailey, current president and CEO is stepping down but will stay as chairman. Vargas will also become a member of the board, said Farmers, a subsidiary of Zurich Insurance Group.
Vargas currently oversee sales and distribution efforts as well as Farmers New World Life and Farmers Financial Solutions as president of distribution, life and financial services.
“Raul in his current role as president of distribution, life and financial services offers a strategic and solutions-oriented path forward for the national insurer group to continue to deliver a high-level of service and quality insurance products to U.S. consumers,” said Mario Greco, Zurich Group CEO. “His in-depth understanding of the insurance industry and his history as a strategic leader make him a unique nominee for the position.”
Vargas has more than two decades of international leadership experience across Latin America and Europe. His extensive career with Zurich Financial Services Group includes eight years as CEO of Zurich Santander Insurance America, in addition to several leadership roles including head of distribution and proposition management of Zurich Santander in Madrid, Spain; head of life business – Latin America in Miami, Florida; and chief life actuary and head of product development in Milan, Italy. He joined Zurich Insurance Group in 1997 as a life actuary in Zurich Argentina.
Dailey joined Farmers Group in 2007 with its acquisition of Bristol West Holding, where he served in several roles including CEO. From 2008 to 2011, Dailey was Farmers Group executive vice president of personal lines, pushing forward new and innovative products for the organization. In 2011, he was promoted to president and CEO and started the position at the start of 2012. Dailey has served as chairman since October 2015.
Greco said Dailey “successfully led the organization by producing positive business results, driving technological advances, fostering a culture of innovation and collaboration, as well as leading employees and the organization effectively through a global pandemic and some of the most eventful periods of time in Farmers more than 90-year history.”
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