GlobeNewswire Inc | Apr 23, 2021 08:45AM EDT

April 23, 2021

Criticizes FBLs Dismissive Response to ISS Recommendation AGAINST Transaction

Urges Shareholders to Vote AGAINST Transaction

NEW YORK, April 23, 2021 (GLOBE NEWSWIRE) -- Capital Returns Management, LLC (together with its affiliates, Capital Returns), beneficial owner of 200,000 shares of Class A common stock of FBL Financial Group, Inc. (FBL or the Company) (NYSE: FFG), today issued a letter to the Special Committee of the Board of Directors of FBL, urging it to negotiate with Farm Bureau Property & Casualty Insurance Company (FBPCIC) for a fair price in the proposed merger with FBL (the Merger).

In the letter, Capital Returns argues:

-- [The Special Committee] should be using ISS cogent analysis to negotiate with FBPCIC for a higher price that would satisfy shareholders. -- Rather than embrace and use ISSs recommendation to negotiate for a higher transaction price to benefit the unaffiliated shareholders to whom [it owes] fiduciary duties, [the Special Committee has] instead cast [itself] in the role of Buyers Lacky and defender of the indefensible. -- It is incumbent upon [the Special Committee] to vigorously defend the interests of FFGs unaffiliated shareholders by seeking a higher price from FBPCIC and reaching a revised agreement.

Capital Returns encourages its fellow shareholders to review the letter to the Special Committee in its entirety. It is available, along with other proxy materials and shareholder letters, at https://saratogaproxy.com/capitalreturns.

Capital Returns intends to vote AGAINST the Merger and urges all FBL shareholders to vote AGAINST the Merger on the GOLD Proxy Card based on the concerns highlighted by ISS and as identified in our proxy materials.

About Capital Returns Management:

Capital Returns is a sector focused fund that invests exclusively in the insurance industry.

Investor & Media contacts:

Ronald BobmanCapital Returns Management(212) 813 0860

John FergusonSaratoga Proxy Consulting(212) 257-1311info@saratogaproxy.com