Capital Returns Calls on FBL to Negotiate Higher Price in Transaction with FBPCIC

Criticizes FBL's 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") 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 ISS's 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 Buyer's Lacky and defender of the indefensible."
  
  
• "It is incumbent upon [the Special Committee] to vigorously defend the interests of FFG's 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 Bobman
Capital Returns Management
(212) 813 0860

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