The Farmer s Insurance Group of Companies was founded in 1928 with the formation of Farmers Insurance Exchange, an automobile insurer. Today, the company is the third-largest writer of both private passenger automobile and homeowners insurance. Based in Los Angeles, it operates in more than 40 states through the efforts of approximately 18,000 employees. They provide service to more than 15 million customers. Farmers Group is a provider of insurance management services and is also a holding company. Farmers Group is also a life insurance holding company of the Farmers New World Life Insurance Company. In March 2000, Farmers Group acquired Foremost Insurance Company, which is based in Michigan.