State Farm Insurance
Company Ratings:
A++ from A. M. Best
AA from Standard & Poor's
AA+ from Fitch Ratings
Aa1 from Moody's
Find out what these ratings mean.
Company Web Page
www.statefarm.com
State Farm Insurance Company is a mutual insurance company providing mutual funds, various types of insurance and banking services. A mutual company is one that does not sell shares of stock to the public. State Farm has offices all over the United States, as well as offices in Canada. State Farm has 73 million policies in force, 28 million households are insured with State Farm. One of every five automobiles in the United States is insured by State Farm, making it the nation's No. 1 insurer of cars. State Farm is also the leading insurer of homes in the United States. More than 1 millions registered pleasure boats in the US are insured by State Farm. Click Here for the full list of products.
Company History
George J. Mecherle started farming his own land near Bloomington, Illinois. In 1901 he married Edith Mae Perry who joined him on his farm. Within a few years, he was one of the leading farmers in the area.
After they had farmed 20 years, Mrs. Mecherle's health began to fail and the couple decided to move to Bloomington, where George Mecherle accepted a job selling insurance for a small company. He was successful as a salesman, but he didn't feel the rates or the business practices of the company suited the needs of farmers.
When he suggested a better way to sell insurance, his employer laughed and said, "If you think you've got such a good idea, why don't you start your own company?" So he did. Mecherle believed that farmers should pay less for insurance because they drove less and had fewer losses than folks living in cities. Using this idea, he started State Farm® in 1922 as a mutual automobile insurance company owned by its policyholders.
By 1928, the decision was made to decentralize. Employees from the Bloomington, Ill. office -- along with other employees hired in Berkeley, Cal -- established the Company's' first branch office. This office provided support for agents and brought service closer to the customer.
The Berkeley office was the beginning of a tradition that, as of today, has resulted in 25 operations centers in 13 zones. State Farm has grown to include 79,200 employees and more than 16,700 agents servicing 71.6 million policies in the United States and Canada.
- Financial Synopsis and Brief History
- List of State Farm Companies
- State Farm Company Officers
- State Farm Location/Contact Information
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Some content taken directly from the State Farm Website.