NYSE: STFGX
Headquarters: One State Farm Plaza, Bloomington, IL 61701
2010 1st Quarter premiums written: $6,258,000
Key officers: Edward B. Rust Jr., Chairman, Chief Executive Officer, James E. Rutrough, Vice Chairman, Chief Administrative Officer
State Farm is one of the leading car, home, and watercraft insurers in the United States and Canada. Although the company specializes primarily in P&C lines of insurance, it also offers life, health and business insurance through its 30 operations centers across the U.S.
State Farm’s banking division also provides a number of financial services to its customers, offering annuities, mutual funds and various banking products.
According to latest estimates, State Farm has 17,000 agents throughout North America, 68,000 employees and 343 claims offices.
As of March 2009, State Farm had an estimated 78.8 million auto, fire, life and health insurance policies in force.
Some quick facts about State Farm:
George Jacob “G.J.” Mecherle, a retired farmer and insurance salesman founded State Farm insurance company in 1922. Mecherle started the company because he felt it was unfair that farmers had to pay the same rate for auto insurance as people who lived in the city — despite the fact they drove less and were subjected to fewer hazards on the road.
According to archived stories at The Pantagraph in Bloomington, Ill., Mecherle’s Fifth Floor office at the original State Farm building in downtown Bloomington remains untouched since the day of his death in 1951.
State Farm was the first insurance agency to offer a “good student” discount in 1962. Teenagers that received good grades received discounted auto insurance.
In 1971, singer/songwriter Barry Manilow composed the famous “Like a good neighbor, State Farm is there” theme song.
State Farm is currently ranked 31st on the Fortune 500 list of largest companies
Source: Statefarm.com, Hoovers.com
Compiled by Life Quotes, Inc. staff
Follow Us
