Mr. Vargas is currently President of Distribution, Life and Financial Services for Farmers Group, Inc. He oversees the sales and distribution activities, in addition to Farmers New World Life and Farmers Financial Solutions. Mr. Vargas has more than two decades of international leadership experience across Latin America and Europe. His extensive career with Zurich includes eight years as CEO of Zurich Santander Insurance America.
"Raul is an outstanding leader and an excellent fit for the role," said Mario Greco, Zurich Group Chief Executive Officer. "He has a strong track record growing one of our largest retail businesses by delivering product innovations and optimizing distribution, while improving the experience of customers."
He succeeds Jeff Dailey, who joined Farmers Group, Inc. in 2007 and became CEO in 2012. Mr. Dailey will continue as Chairman of the Farmers Group, Inc.
"It's an honor and privilege to have been selected to lead Farmers," said Mr. Vargas. "I'm dedicated to working with our talented team to drive sustained growth and continuously enhance the experience of our valued customers. I am thankful to Jeff for his continued leadership, and I look forward to working closely with him to build on the work he's accomplished."
Mario Greco added: "Jeff has made a positive impact at Farmers over more than a decade of leadership and service. He has successfully led the organization by delivering strong results, driving technological innovation and fostering a culture of collaboration. I highly appreciate his contributions and leadership within the whole Group."
"It's been an honor to lead Farmers over the years," said Mr. Dailey. "I am grateful to have worked with incredibly talented individuals through my time here, and I look forward to continuing to serve the brand as an advisor and Chairman of the Farmers Group, Inc. Board of Directors."
All changes are subject to regulatory approvals and effective January 1, 2023.