Zurich unit CEO to step down after 11 years in top role; successor revealed

Zurich Insurance Group has unveiled a leadership change at its wholly owned subsidiary Farmers Group effective January 1, 2023.

Raul Vargas (pictured) is to succeed Jeff Dailey as chief executive officer (CEO) of Farmers.

Dailey is retiring after 11 years as CEO, but will continue as chairman of the Farmers Group. He joined Farmers in 2007 and became CEO in 2012.

Vargas, currently president of distribution, life and financial services for Farmers, will also become a member of the Zurich Group Executive Committee.

Vargas has overseen the sales and distribution activities, in addition to Farmers New World Life and Farmers Financial Solutions. He has more than two decades of international leadership experience across Latin America and Europe. His extensive career with Zurich includes eight years as CEO of Zurich Santander Insurance America.

“Raul is an outstanding leader and an excellent fit for the role,” said Mario Greco, Zurich Group chief executive officer. “He has a strong track record growing one of our largest retail businesses by delivering product innovations and optimizing distribution, while improving the experience of customers.”

Vargas commented: “It’s an honour and privilege to have been selected to lead Farmers. I’m dedicated to working with our talented team to drive sustained growth and continuously enhance the experience of our valued customers. I am thankful to Jeff for his continued leadership, and I look forward to working closely with him to build on the work he’s accomplished.”

Greco added: “Jeff has made a positive impact at Farmers over more than a decade of leadership and service. He has successfully led the organization by delivering strong results, driving technological innovation and fostering a culture of collaboration. I highly appreciate his contributions and leadership within the whole Group.”

Dailey said: “It’s been an honor to lead Farmers over the years. I am grateful to have worked with incredibly talented individuals through my time here, and I look forward to continuing to serve the brand as an advisor and Chairman of the Farmers Group, Inc. Board of Directors.”

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