Farmers prices $300 million 7% surplus notes due 2064

Farmers Insurance Exchange has announced the pricing of its $300 million offering of surplus notes, with a fixed interest rate of 7.000% per annum starting October 9, 2024.

The surplus notes, maturing on October 15, 2064, can be redeemed either during the three-month Par Call Period before October 15, 2054, at face value, or anytime outside this period at a make-whole redemption price.

The offering is available to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S, and the notes are not registered under the Securities Act.