Farmers Group has hired Peter Teuscher as senior vice president & chief investment officer effective 1 January 2012.

Teuscher will replace Laszlo Heredy, who has been Farmers Group chief investment officer since 2000 and who is retiring at the end of 2011.

Most recently, Teuscher has worked as head of strategy and markets for Zurich Financial Services Group where he was responsible for the development of long-term and short-term investment strategies.

Farmers Insurance Group of Companies is an insurer of both personal lines passenger automobile and homeowners insurance, and is an insurer of small businesses in the US and also provides a wide range of other insurance and financial services products.

The company serves over 10 million households with more than 20 million individual policies across all 50 states.