Oklahoma Farm Bureau Mutual Insurance Co.

• Private
• US

Dow Jones Description

Soon after the Oklahoma Farm Bureau was organized in 1942, the leaders recognized that one of the most needed services for Oklahoma's farmers and ranchers was auto insurance. Initially, Kansas Farm Bureau Mutual Insurance Company provided insurance service to Oklahoma Farm Bureau members. In 1946, Farm Bureau member families loaned $35,000 to capitalize Oklahoma Farm Bureau Mutual Casualty Company. Soon thereafter, Farm Bureau Mutual Fire Insurance Company was formed to provide property insurance to members. Again, Farm Bureau member families loaned the needed money to capitalize the company. In 1949, these two companies were merged to form Oklahoma Farm Bureau Mutual Insurance Company. In 1968, AgSecurity Insurance Company was formed as a wholly owned subsidiary of Oklahoma Farm Bureau Mutual Insurance Company. In 1981, the companies reached the $50 million level in direct premiums, and the $100 million level in 1993. In 2006, direct written premium was $287,918,225. Total assets of the companies at the end of 2006 were $341,995,038 and policyholder surplus was $136,404,352. The company is rated "A- (Excellent)" by A. M. Best. In May of 1999, our state suffered the most devastating tornado in its history. For Oklahoma Farm Bureau Mutual Insurance Company, the catastrophe was more than three times as severe as the previous worst in our history, and yet we were able to end the year without a significant loss to our policyholder surplus...

President

Number of Employees 230

Contact Information

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