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• State Farm is the largest automobile insurance company and the leading home insurer in the U.S., with more than 75 million policies issued in the U.S. and Canada. It has recently expanded into financial services including mutual funds and bank services.Official Site: State Farm Story

  On January 27, 2009, State Farm filed plans to discontinue its homeowner insurance business in Florida. According to reports,1.2 million policyholders will be dropped from coverage. The plan must still be approved by Florida regulators. The decision to pull out of Florida's residential market came after State Farm's request for a 47.1 percent homeowners insurance rate increase was denied by state regulators.Bloomberg.com: State Farm Plans to Leave Florida Residential Market (January 27, 2009) State Farm: State Farm Florida files plan to discontinue property insurance product lines

• Fast Facts:

  1. Revenue: $60.5 million USD (2007)CNNMoney: State Farm Insurance Cos.
  2. Headquarters: Bloomington, Illinois
  3. Chairman and CEO: Ed Rust Jr.
  4. Staff: 68,000
  5. Founded in 1922
  6. Founder: George J. Mecherle
  7. Agents: 17,000
  8. Incorporated: 1922
  9. Tagline: "Like a good neighbor, State Farm is there"
  10. Tagline was written by Barry ManilowOfficial Site: State Farm - 1960s & 1970s
  11. 2002, launched the "We live where you live" campaign

• About State Farm

  Headquartered in Bloomington, Illinois, State Farm was founded on June 7, 1922 by retired farmer George J. Mecherle. In 1989, the company had nearly $600 million in claims with Hurricane Hugo in South Carolina, and the Loma Prieta Earthquake in the Bay Area. The company has grown to include 68,000 employees and 17,000 agents. The company has also grown its banking business to 1.8 million customer accounts.Official Site: State Farm Story

• Quote

  "Faced with steeply declining resources to cover future claims and expenses, State Farm Florida has little choice. This is not an action we wanted to take, but one we must take given the realities of the Florida property insurance market. We regret the impact this will have on our customers, employees and agents in Florida."—Jim Thompson, State Farm Florida presidentState Farm: State Farm Florida files plan to discontinue property insurance product lines

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