Property and Casualty insurer Farmers Alliance Mutual Insurance Co. will accept no new customers in New Mexico and will not renew existing customers’ policies, impacting some 7,000 policyholders, according to the Albuquerque Journal.
A spokesperson for the company said the decision was based on profitability, adding the company has paid more in New Mexico to cover losses than it has taken in in premiums.
Topics Agribusiness
Was this article valuable?
Here are more articles you may enjoy.
Friend of Suspected FBI Data Thief: ‘Crazy’ Teen Warned Not to Hack Bureau 
Surplus Lines Leaders Remain Bullish on Outlook in a Shifting Market 
AI’s Water Strain Includes Surging Demand From Electricity Use 
Viewpoint: The ‘Unbundled’ Insurer Emerges in Age of AI as Value Chain Fragments 
