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 |
| 1998 | $375M: FIE‐Fire‐Truck 7.05% Due 2028 | Farmers Exchange Capital* |
| 1998 | $138M: FIE‐Fire‐Truck 7.20% Due 2048 | Farmers Exchange Capital* |
| 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 | |
| 2024 | $300M: FIE 7.00% Due 2064 |
*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 | 12/31/25 Balance | FIGI | CUSIP | ISIN | BB ID # | 144A/REG | ISSUE DATE | MATURITY DATE | MOODYS | S&P | AM BEST | CALL DATE |
| Farmers Exchange Capital | FIE-FIRE-TIE 7.05% Due 2028 | $374,959,000.00 | BBG-0000-29-LW-3 | 3095-88-AC-5 | US-3095-88-AC-50 | EC-0062-090 | No | 1998-07-08 | 2028-07-15 | Baa2 | BBB+ | bbb+ | |
| Farmers Exchange Capital | FIE-FIRE-TIE 7.20% Due 2048 | $138,465,000.00 | BBG-0000-27-YP-5 | 3095-88-AE-1 | US-3095-88-AE-17 | EC-0062-074 | No | 1998-07-08 | 2024-07-15 | Baa2 | 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 | 2053-11-01 | Baa2 | BBB+ | bbb+ | 2033-11-01 |
| BBG-005H-MS--8J-3 | US-U313-5T-AA-35 | EJ-9106-406 | Reg S | 2013-10-29 | 2053-11-01 | 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 | 2054-10-15 | Baa2 | BBB+ | bbb+ | 2034-10-15 |
| BBG-0078-20-SW-4 | US-U313-6K-AA-17 | EK-5271-862 | Reg S | 2014-10-01 | 2054-10-15 | 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 | 2057-11-01 | Baa2 | BBB+ | bbb+ | 2037-11-01 |
| BBG-00HY-5J-G7-0 | US-U313-5P-AD-51 | AP-5342-179 | Reg S | 2017-10-10 | 2057-11-01 | 2037-11-01 | |||||||
| Farmers Insurance Exchange | FIE 7.00% Due 2064 | $300,000,000.00 | BBG-01Q3-ZX-LQ-9 | 3096-01-AG-7 | US-3096-01-AG-75 | YU-2533-278 | 144A | 2024-10-09 | 2064-10-15 | Baa2 | BBB+ | bbb+ | 2054-07-15 |
| BBG-01Q3-ZX-LT-6 | US-U313-5P-AF-00 | YU-2533-294 | Reg S | 2024-10-09 | 2064-10-15 | ||||||||
| TOTAL | $2,048,424,000.00 |
Rating Agency Financial Strength Ratings
| Agency | Financial Strength Rating | Financial Strength Rating Outlook | Issuer Credit Rating | Issuer Credit Rating Outlook |
|---|---|---|---|---|
 |
A | Positive | A | Positive |
 |
A2 | Stable | n/a | n/a |
 |
A | Stable | a | Stable |
