Nationwide wins pension risk transfer deal with Ohio Farm Bureau
For nearly 100 years, Nationwide has been providing insurance and financial services to Farm Bureau members, helping farmers and ranchers protect what matters most. Now, the company is announcing the next milestone in that decades-long partnership, assuming liabilities for Ohio Farm Bureau through a pension risk transfer (PRT) transaction for their defined benefit (DB) plan retirees.
“Nationwide is a company with a deep agricultural history and an understanding and appreciation for Farm Bureau members since that’s where the company started,” said Adam Sharp, executive vice president of Ohio Farm Bureau. “Based on their shared values with our organization, as well as their proven track record of strength, stability and risk management, we believed they would be the best fit to provide a smooth and stable transition for our defined benefit retiree participants.”
Transferring liabilities will allow Ohio Farm Bureau to focus on its core operations, while protecting its participants’ benefits with Nationwide. In addition to recordkeeping and administrative services, Nationwide will ensure a smooth transition for plan participants by providing access to a dedicated team of call center representatives available for consultative support, as well as safe and secure contact center authentication, account protection and online access to their benefits.
“We pride ourselves on offering a seamless transition experience for plan participants, helping them feel confident that their hard-earned benefit will continue without interruption under our management,” said Paula Cole, vice president of Nationwide’s Pension Risk Transfer business. “It’s an honor to welcome them to Nationwide and we look forward to continuing to grow our long-standing relationship by providing extraordinary care to Ohio Farm Bureau retirees beyond just this transition.”
The transaction was facilitated and overseen by CBIZ Benefits & Insurance Services, Inc., who served as the plan actuary and annuity consultant on this contract.
Nationwide’s Pension Risk Transfer business leverages more than 60 years of annuity, defined benefit and risk management experience, as well as the company’s outstanding financial strength, to serve a book with more than 450 contracts with a focus on personalized service and transition simplicity.
Formerly known as Farm Bureau Mutual Automobile Insurance Company, Nationwide sold its first policy in 1926. Since then, Nationwide has expanded relationships with state Farm Bureaus across the country and grown into the top insurer of farms and ranches in the U.S1.
Visit Nationwide Pension Risk Transfer for more information and resources on PRTs with Nationwide.
1 By direct written premium, AM Best (2022)
RTM-0143OH
04/2024