Farm Bureau Property & Casualty Insurance Co. on Tuesday announced that it has completed its transaction with FBL Financial Group Inc. that takes the company private. Under the terms of the previously announced agreement, FBPCIC acquired the outstanding shares of FBL Financial Group Class A and Class B common stock that neither FBPCIC nor the Iowa Farm Bureau Federation (IFBF) owned before the transaction for $61 per share in cash. IFBF will continue to be the majority owner of the company, and shareholders of FBL Financial Group other than FBPCIC and IFBF will receive the same $61 per share cash consideration for their shares, the company said in a news release. Farm Bureau Property & Casualty Insurance Co, and its subsidiary insurance company serve more than 360,000 Farm Bureau client/members in eight Midwest and Western states.