The "Farmers Insurance News-Alert" website is dedicated to providing the consumer and general public with detailed information concerning the Farmers Insurance Group. This includes fraud reports, consumer complaints, lawsuit's and other legal actions taken against this company. All information contained herein is for educational purposes only. Original sources, when known are sited.
Farmers Insurance to acquire Foremost Corp.
With a stock purchase worth $812 million, Farmers Insurance Group of Cos. will acquire Foremost Corp. of America, a Grand Rapids, Mich.-based insurer that specializes in covering mobile homes.
Farmers Insurance, located in Los Angeles and a member of the Zurich Services Group, is the third-largest home and auto insurer in the country, with a total of 16 million customers.
Foremost is the largest insurer of mobile homes, covering one in five nationwide. The company also covers home, auto, motor homes, and travel trailers, and sells other specialty property/casualty coverages.
But it is the mobile-home market that Farmers is after. "The manufactured-home market is a major opportunity for Farmers," says Martin Feinstein, Farmers' CEO. According to Farmers, one in four new homes is a mobile home, and Foremost's penetration into that market makes it the eleventh-largest home insurer in the country.
The acquisition is expected to be completed in the first quarter of 2000, pending standard regulatory approval and approval by Foremost shareholders.
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