Capital Returns Welcomes ISS Recommendation for FBL Financial Shareholders to Vote AGAINST Merger 7Newswire 17 Apr 2021, 04:33 GMT+10 NEW YORK, -- Capital Returns Management, LLC (together with its affiliates, 'Capital Returns'), beneficial owner of 147,752 shares of Class A common stock of FBL Financial Group, Inc. ('FBL' or the 'Company') (NYSE: FFG), today issued the following statement welcoming the recommendation from leading proxy advisory firm Institutional Shareholder Services ('ISS') that shareholders vote AGAINST the proposed merger of FBL with Farm Bureau Financial Property & Casualty Insurance Company ('FBPCIC'): 'We are pleased that ISS is recommending that shareholders vote against this deal. The proposed merger materially undervalues FBL and was the result of a flawed process rife with conflicts of interest. The $56 price is grossly inadequate and fails to reflect FBL's strategic importance to FBPCIC. Given the significant appreciation in life insurance company valuations since the time of the negotiation, the deal offers no real premium to FBL shareholders and there is limited downside risk when shareholders reject this low-ball offer.'