Company Profile
American Agricultural Insurance Company
Company Overview
AAIC is a direct provider of reinsurance to Farm Bureau insurance companies and participates in U.S. and non-U.S. reinsurance programs through the broker marketplace.
Our Mission
We are committed to providing solutions that promote the financial strength and success of the Farm Bureau insurance companies who support the Farm Bureau organizations and their members.
Our Values
Our values support our mission, shape our culture, and reflect what is important to us. Our core values are focused on customer, community, integrity, and professionalism.
Company History
In December 1946, the voting delegates for the American Farm Bureau Federation (AFBF) authorized the formation of a reinsurance company. American Agricultural Insurance Company, known as American Ag, was incorporated on May 18, 1948.
American Ag was initially chartered as a stock company, converted to a mutual in 1954 and then reconverted into its current form as a stock company in 1968. The stock is held by AFBF and the state Farm Bureau (FB) property/casualty insurance companies.
Originally located in downtown Chicago, the company moved to the Chicago northwest suburb of Park Ridge in September 1972. In May 2004 the company moved to its current location in northwest suburban Schaumburg.
The American Ag story began with a founding principle, “Farm Bureau people best know the needs of the Farm Bureau insurance companies." This vision still guides us today. We hold true to our principles, which include acting as a focal point for the Farm Bureau insurance companies, helping them assist one another and to keep profit and loss within the Farm Bureau family.
American Ag was formed to provide reinsurance services to the Farm Bureau insurance companies and this is still our objective today. As of 2014, we serve 24 FB companies that write insurance in 35 states. A stock company, owned by its customers, American Ag is committed to providing solutions that promote the financial strength and success of the FB insurance companies.
Like many companies who have withstood the test of time, we began looking for ideas to enhance our services and provide new opportunities for growth. Our first opportunity for expansion came in the spring of 1999 when the company learned of Nationwide Group’s desire to sell their assumed reinsurance business. With the Board’s approval, this opportunity was pursued, and in the spring of 1999 the Columbus, Ohio office of American Ag began writing reinsurance business from companies other than Farm Bureaus. It has proven a valuable addition with good profits, additional exposure to other markets, and a staff that fit perfectly into the Farm Bureau culture.
Notable Accomplishments / Recognition
On the list of 2019 Best Places to Work in Chicago.