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Farmers Investor Relations
External Surplus Notes

From time to time, Farmers Insurance Exchange (“FIE”), Fire Insurance Exchange ("Fire") and Truck Insurance Exchange ("Truck") have issued external surplus notes to support growth:

Year External Surplus Notes Name of Consolidation Vehicles
1994 $203M: FIE 8.63% Due 2024  
1998 $375M: FIE‐Fire‐Truck 7.05% Due 2028 Farmers Exchange Capital*
1998 $138M: FIE‐Fire‐Truck 7.20% Due 2048  
2013 $335M: FIE‐Fire‐Truck 6.15% Due 2053 Farmers Exchange Capital II*
2014 $500M: FIE‐Fire‐Truck 5.45% Due 2054 Farmers Exchange Capital III*
2017 $400M: FIE 4.75% Due 2057  

*For Surplus Notes issued collectively by FIE, Fire and Truck, these vehicles were used to consolidate the issuance

Exchange Surplus Notes are deemed “144A” in the US and “Reg S” for non‐US investors; these are considered private placement offerings for “Qualified Institutional Buyers” and are not registered with the US Securities and Exchange Commission.
 
 
Table of External Surplus Notes
ISSUER SURPLUS NOTE 12/31/23 Balance FIGI CUSIP ISIN BB ID # 144A/REG  ISSUE DATE MOODYS S&P AM BEST CALL DATE
Farmers Insurance Exchange FIE 8.63% Due 2024 $203,444,000.00 BBG-000-18-QB-8 3096-01-AA-0 US-3096-01-AA-06 DD-0025-187- No 1994-05-04 Baa3 BBB+ bbb+  
                         
Farmers Exchange Capital FIE-FIRE-TIE 7.05% Due 2028 $374,959,000.00 BBG-000-29-LW-3 3095-88-AC-5 US-3095-88-AC-50 EC-0062-090 No 1998-07-08 Baa3 BBB+ bbb+  
Farmers Exchange Capital FIE-FIRE-TIE 7.20% Due 2048 $138,465,000.00 BBG-0000-27-YP-5 3095-88-AE-17 US-3095-88-AE-17 EC-0062-074 No 1998-07-08 Baa3 BBB+ bbb+  
                         
Farmers Exchange Capital II FIE-FIRE-TIE 6.15% Due 2053 $335,000,000.00 BBG-005H-LW-PC-9 3095-8P-AA-1 US-3095-8P-AA-12 EJ-9098-603 144A 2013-10-29 Baa3 BBB+ bbb+ 2033-11-01
      BBG-005H-MS--8J-3   US-U313-5T-AA-35 EJ-9106-406 Reg S 2013-10-29       2033-11-01
                         
Farmers Exchange Capital III FIE-FIRE-TIE 5.45% Due 2054 $500,000,000.00 BBG-0078-20-PR-6 3095-8Q-AA-9 US-3095-8Q-AA-94 EK-5271-565 144A 2014-10-01 Baa3 BBB+ bbb+ 2034-10-15
      BBG-0078-20-SW-4   US-U313-6K-AA-17 EK-5271-862 Reg S 2014-10-01       2034-10-15
                         
Farmers Insurance Exchange FIE 4.75% Due 2057 $400,000,000.00 BBG-00HY-5J-DW-9 3096-01-AE-2 US-3096-01-AE-28 AP-5342-070 144A 2017-10-10 Baa3 BBB+ bbb+ 2037-11-01
      BBG-00HY-5J-G7-0   US-U313-5P-AD-51 AP-5342-179 Reg S 2017-10-10       2037-11-01
  TOTAL $1,951,868,000.00                    

 

Rating Agency Financial Strength Ratings
Agency Financial Strength Rating Financial Strength Rating Outlook Issuer Credit Rating Issuer Credit Rating Outlook
S&P logo A Stable A Stable
Moody's logo A3 Stable n/a n/a
AM Best logo A Stable a Stable