Hohmann Named CEO of Iowa’s FBL Financial Group

FBL Financial Group. Inc. has named James E. Hohmann chief executive officer after he served in the post on an interim basis for the past eight months.

Hohmann, the former CEO of Allstate Financial, succeeded James W. Noyce, who left after 24 years with the group. Noyce had been CEO since 2007 (BestWire, April 30, 2009).

Hohmann's performance as interim CEO, his background in the insurance and financial services industry and his leadership skills were factors in the board's unanimous decision, FBL Financial Chairman Craig A. Lang (NYSE: FFB) said in a statement.

Hohmann, 54, previously served several roles at life and long-term care insurer Conseco Inc. (NYSE: CNO), including as its interim CEO. He also was president and chief operating officer at the Indiana-based Conseco (BestWire, Aug. 10, 2006).

Nancy Doll, a spokeswoman for the West Des Moines, Iowa-based FBL, declined to comment beyond the company's statement.

"During his tenure as interim CEO, he has strengthened FBL's financial position and set forth a strategic direction to diversify our risk profile and grow the company," Lang said.

FBL Financial is a holding company. Its main insurance operating units are Farm Bureau Life Insurance Co. and EquiTrust Life Insurance Co. The company also manages two Farm Bureau affiliated property/casualty insurers for a fee.

In February 2009, FBL said it would cut its work force as it warned of a drop in fourth-quarter net income due to investment losses. The holding company was reducing its work force companywide by about 76 employees, most of whom were based in its West Des Moines home office (BestWire, Feb. 3, 2009).

Effective Jan. 1, the company reorganized into a mutual holding company structure, Farm Bureau Mutual Holding Co., but said it had no immediate plans to issue stock.

Farm Bureau Life Insurance and EquiTrust Life Insurance currently have Best's Financial Strength Ratings of B++ (Good) and B+ (Good), respectively.

(By Fran Matso Lysiak, senior associate editor, BestWeek: [email protected])