On July 1, 2019 Colorado Farm Bureau Insurance Company (CFBIC) became a wholly owned subsidiary of Southern Farm Bureau Casualty Insurance Company (SFBCIC). SFBCIC is a top-rated company and a top 100 property and casualty company in the United States based in Jackson, Mississippi.
“This is an exciting opportunity not only for us as a company, but for all of our customers,” said Cheryl Radke, Chief Executive Officer of CFBIC. “Joining forces with such a strong organization will allow us to continue serving Coloradans for years to come.”
WHAT DOES IT MEAN?
Joining SFBCIC ensures financial and operational stability. Positioning CFBIC for continued success and growth benefiting both current and future customers. Customers will still enjoy the same great, local service with agents and adjusters. While their policies will continue unchanged.
“It has been a long process getting to this exciting day,” says Donald Shawcroft, President of Colorado Farm Bureau Insurance Company. “This company was built to protect Colorado farmers and ranchers and has grown to offer services to all Coloradans wanting local, personalized service. We are proud that we can continue to grow and look to the future while still giving Colorado customers the care that they deserve.”
A LITTLE HISTORY
The process for building the partnership began nearly 14 years ago when the Southern Farm Bureau Casualty Insurance Company became the primary reinsurer for a good part of the Colorado exposure. This relationship has grown over the years. Last year the Boards of Directors of Colorado Farm Bureau Mutual Insurance Co and Southern Farm Bureau Casualty Insurance Company unanimously approved a restructure of the mutual company to a stock company wholly owned by SFBCIC. With the restructure came a new name, Colorado Farm Bureau Insurance Company and a promise to continue honoring current insurance commitments while providing greater opportunities to grow throughout Colorado. This transaction received an overwhelming vote of approval by the Colorado Farm Bureau Mutual Insurance Company policyholders and required approval by the Division of Insurance.