As Woudstra Retires From Farmers, Dailey Set to Take Over as CEO on Jan. 1

Farmers Group Inc. said Jeff Dailey will take the helm of the company as chief executive officer, effective Jan. 1, 2012.

He will succeed Farmers current CEO, F. Robert Woudstra, who is retiring at the end of this year.

Dailey has been the company's president and chief operating officer since Jan. 1, 2011. When he was promoted to that position a year ago, Farmers said he was slated to become the company's next CEO after Woudstra retires.

Dailey joined Farmers Insurance in 2007 when the company acquired Bristol West Holdings, where he was CEO. He began as a claims adjuster with Mutual Service Insurance. He also worked at Progressive Insurance Co. early in his career. After leaving Progressive, he formed Reliant Insurance Co., an automobile insurance start-up owned by Reliant Group Holdings, which was sold to Bristol West in 2001.

Woudstra has been with Farmers since 2000 when Farmers acquired Foremost Insurance Co., where he started his career in 1973. Woudstra became president of Farmers in 2007 and CEO in 2009.

Farmers Insurance Group of Cos. is the third-largest insurer of personal lines passenger auto and homeowners insurance in the United States.

Farmers Insurance Group has a current Best's Financial Strength Rating of A (Excellent).

(By Marie Suszynski)