Home » NEWS » Economic Development » MISSISSIPPI 100 — Southern Farm Bureau: One name, but separate companies for life, casualty insurance

MISSISSIPPI 100 — Southern Farm Bureau: One name, but separate companies for life, casualty insurance

templateBy LISA MONTI 

Southern Farm Bureau Life Insurance Co. is ranked third and Southern Farm Bureau Casualty Insurance Co. holds the sixth place on the top Mississippi 100 list. The companies are two separate entities.

Southern Farm Bureau Casualty Insurance Co., a Mississippi corporation domiciled in Ridgeland, has 1,500 employees, $856 million in sales and was established in 1947.  It operates in Arkansas, Colorado, Florida, Louisiana, Mississippi and South Carolina.

Mississippi Farm Bureau Casualty Insurance Co. is a wholly owned subsidiary of Southern Farm Bureau Casualty and operates exclusively in Mississippi.  Mississippi Farm Bureau Casualty insures approximately 309,000 cars and issues 178,000 property policies.

“We have sales offices that sell Farm Bureau insurance in every county,” said Jack Williams, president and CEO of Mississippi Farm Bureau Casualty. “In some counties we have more than one office.  Also, we have claim centers strategically placed around the state where local claims people can get to just about any part of the state quickly.”

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The casualty insurance operation includes both home and auto policies, in addition to other lines of insurance such as farm policies and flood insurance.

“We are responsible for the property and casualty operation in the state,” Williams said.  He said he expects to see continued slow growth in the casualty insurance business of 1 to 1.5 percent per year. “That would be ideal,” he said.  “In this business you don’t want to grow too fast because that can create challenges for you.”

One challenge the auto insurance industry is currently facing is skyrocketing repair costs, Williams said.  “All the bells and whistles in today’s automobiles, while they do help with safety, cost a lot more to repair for cars damaged in an accident versus a few years ago,” he said.

In order to buy a property and casualty insurance policy from Mississippi Farm Bureau Casualty, an applicant must first be a member of a local county Farm Bureau.  These county Farm Bureaus are members of the Mississippi Farm Bureau Federation,.  which, located in Jackson. It is a membership organization and a stockholder of Southern Farm Bureau Casualty.

In addition to the ability to apply for property and casualty insurance, there are several other benefits to being a county Farm Bureau member, Williams said, including discounts on some hotel rooms, child safety seats and certain types of vehicles, as well as discounts for the Mississippi Children’s Museum and the Mississippi Ag Museum.

Williams said that the membership fee is minimal and with the discounts that are available, “it’s a really great value.”

Southern Farm Bureau Life Insurance Co., established in 1946, has $1.5 billion in total revenue and 650 employees at the home office in Jackson. The company serves 11 states: Arkansas, Colorado, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Carolina, South Carolina, Texas and Virginia.

The success of the insurance companies and the main benefit to policyholders is the local claim service provided by the network of agents across those 11 states, according to officials.

Today’s consumers are looking for good service as part of doing business with a company and that’s what Southern Farm Bureau offers. “It’s one of the things we value and stress to our employees. We make sure we provide exceptional service,” said Emily Fletcher, manager of the policy service department for Southern Farm Bureau Life Insurance Co. in Mississippi.

The local agents are available for immediate service. “If something happens, we’ve got a person there so if something happens, a tornado or a flood, they are dealing with the same things our customers are dealing with,” said spokesman Matt Ginn.

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