August 28, 2009 |
California's largest auto insurer, Farmers Insurance Group, said Thursday that it planned to slash jobs at the offices of its newly acquired 21st Century Insurance unit in Woodland Hills. Los Angeles-based Farmers told employees that it would cut 554 jobs by the end of this year and that the total would reach 750 by the end of 2010. The Woodland Hills complex, which had been 21st Century's headquarters until last November, currently has 979 employees, Farmers said. Farmers completed its purchase of 21st Century from troubled insurance giant American International Group Inc. on July 1. With the merger, Farmers -- a traditional insurance company that sells home, auto, life and other insurance products with a network of agents -- added 21st Century's system for selling auto insurance directly to motorists via telephone and the Internet.
July 23, 2009 |
Customers of 21st Century Auto Insurance Co. will get an average $50 cut in annual premiums as part of a $34-million statewide rate reduction, California Insurance Commissioner Steve Poizner announced Wednesday. The company, which was recently acquired by Farmers Insurance Group, insures more than 1 million California vehicles, representing about 5% of the private passenger car insurance market.
June 30, 2009
Auto insurance: An article in Business on Saturday about proposed pay-as-you-drive policies for motorists said the acquisition of 21st Century Insurance Co. by Farmers Insurance Group had been finalized. The purchase was approved Friday by California Insurance Commissioner Steve Poizner but has not been finalized in all states where 21st Century does business.
September 6, 2007 |
Farmers Insurance Group is paying $3.4 million in fines and customer refunds to settle complaints from California regulators that the company unfairly penalized homeowner policyholders for filing claims. California Insurance Commissioner Steve Poizner said the settlement was part of an ongoing effort to stop an industry practice known as "use it and lose it." Under the practice, he said, consumers who file claims could be hit arbitrarily with higher premiums or policy cancellations as a result.
December 27, 2006 |
SACRAMENTO -- Farmers Insurance Group is planning to cut rates on homeowner's insurance by 12% to 15% for most of its 1.3 million California customers, saving them an estimated $171 million annually. A Farmers spokesman said the reductions could be made because of favorable market conditions. With few major disasters in the state recently, damage claims have been relatively low.
December 16, 2006 |
Farmers Insurance Co. has agreed to settle a class-action lawsuit alleging that it required use of substandard metal replacement parts for crash repairs. The insurer has agreed to pay claimants $20 to $40 for each substandard part used in repairing their vehicles. Farmers also will pay $17 million to the law firms that handled the case. The suit, filed in Orange County Superior Court in 2000, covers Farmers clients who had vehicles repaired from June 15,1996, to Nov. 1, 2006.