State Farm


State farm started out as an automobile insurance company, which was made up of a group of large US insurance companies. These companies focused mainly in auto insurance for farmers. George J Mercherlee founded the company. Mr. Mercherlee believed that farmers incurred less losses since they did not drive as much as city farmers. Therefore, they could pay less for their insurance policy. This concept was widely accepted, making the company a success. Currently, State Farm Insurance has more than 79,200 employees. This includes more than 16,700 agents. Its book of business consists of 71.6 million policies in the US and Canada. The company's headquarters is located in Bloomington, Illinois and its chairman and chief executive officer is Edward B. Rust, Jr.

State Farm Background
State Farm is composed of many major companies. An example of these companies is State Farm Automobile, which came on the scene on June 7, 1922. Some of these companies still focus mainly on farmers needs. Today, State Farm Insurance insures approximately one of every five automobiles on the road. State Farm is a mutual insurance company, which means that it is not publicly traded and therefore, has no shareholders. Over the years, State Farm has become the parent company of multiple subsidiary companies that provide property and life insurance. Additionally, some of these companies also provide banking products as well as other services. The company started marketing health insurance in 1965.

Still another State Farm company is State Farm Life. This company started operating in 1961 and its purpose was to serve the needs of residents in New York, Connecticut, and Wisconsin. In 1998, the company started marketing its many products and services to all of State Farm customers.
Furthermore, State Farm Fire and Casualty was born in 1935. This company's intent was providing property insurance for State Farm policyholders in the United States and Canada. It is a well-known fact that State Farm has had the largest number of property policies since 1964.
In addition, State Farm Indemnity became part the State Farm companies. Its objective deals with accurate pricing and risk management techniques in the insurance market. Another of its subsidiary companies is State Farm Guarantee Insurance Company. In its inception, this company started providing auto insurance in the State of New Jersey.
State Farm General was formed in 1962. This company became the primary writer of homeowners and property liability insurance in California. Thirty-seven years later, State Farm Florida came into existence on February 1, 1999. State Farm Florida also concentrates on property liability in the state of Florida.
State Farm Lloyds is still another company that's part of the State Farm group of companies. It is referred to as State Farm Bank and deals with underwriting homeowners and commercial multiple peril insurance in the corresponding state. State Farm Lloyds started writing policies in 1983; it is managed by an attorney State Farm Lloyds. The reason of its structure is to meet legal requirements.
State Farm Bank is an institution, which contains no branch offices. Its customers consist of State Farm employees. In total, the company possesses $12 billion in assets as of December 31. State Farm Bank's focus since its beginning has been consumer oriented financial products.
State Farm created a company that would serve as a transferring agent for its variable products. State Farm Investment Management served this purpose. The company's experience in the management of assets of the investment company consists of over 35 years. Moreover, State Farm VP Management Corporation's role is that of a broker and a dealer of the State Farm Associate as well as the Retail Mutual Funds. It is also a broker and dealer for the State Farm variable products.
State Farm Insurance Agent
State Farm Insurance agents are qualified professionals. Their main duty is to serve the company's policyholders and contribute to making their life easier during difficult times. One of their main roles is to assist members to manage their financial situations. Furthermore, through the State Farm Bank, they can offer the most competitive interest rates on loans and deposit products.
State Farm agents assist their members in choosing the best health insurance plan for their particular needs. However, that is not all. They also help their members with auto, home, and life insurance needs. The agent is the best source of information on how to protect yourself from the risks so that you get the most for your hard-earned money.
State Farm Auto Insurance
Starting with the inception of the company, State Farm has been providing auto insurance at affordable rates. Throughout the years, State Farm has put much emphasis on providing excellent customer service while at the same time providing the best coverage to its members. The fact that the company has been in business since 1922 is a testament to its success. State Farm has listened to the customer's needs and as a result, it has become a leader in the auto insurance industry.