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Home > Property Insurance Coverage > Home Owners Insurance > American Agricultural Insurance Company
American Agricultural Insurance Company
In December 1946, during American Farm Bureau Federation’s annual meeting, the voting delegates authorized the formation of a reinsurance company. Seventeen months later, in May 1948, American Agricultural Insurance Company opened its doors for business. Originally located in downtown Chicago, the company moved to the Chicago northwest suburb of Park Ridge in September 1972. In May 2004, the company moved to its current location in northwest suburban Schaumburg.
The company began by reexamining its mission statement and operating principles. Until that time, the company’s focus had been mainly reinsurance programs with little flexibility in structure. Their task is to assist the farm bureau insurance companies achieve financial stability and growth through a long term partnership based on mutual honesty and faith. While reinsurance remains the company’s primary service, this statement signaled a willingness and desire to expand operations and offer more program options with greater flexibility.
The company began to see the need for more flexibility in reinsurance overages for the Farm Bureaus that could best be provided through an offshore reinsurance company. This would provide more competitive pricing and stability for certain reinsurance protections than could be found in the traditional marketplace.
Through their unique relationship with Farm Bureau insurance companies, they have eliminated maximum possible risks within the Farm Bureau family and have enabled to maintain internal expenses substantially below industry norms. Besides this, they provide financial modeling, underwriting claim reviews, seminars and workshops.
Their mission is to service individual reinsurance needs in the best interest of the Farm Bureau companies, provide original and flexible products and services that are uniformly available to provide prompt and long term collect ability of claims. In addition, maintain a strong balance sheet through sufficient reserves and high quality diversified investments.
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