State FarmŪ Companies
Here are some of the major companies in the State Farm Group -- how they got started and where they stand today.
State Farm Mutual Automobile Insurance Company was founded on June 7, 1922, by George J. Mecherle, a retired farmer. It initially concentrated on meeting auto insurance needs of Illinois farmers through a mutual organization owned by the customers. By 1942, the company was the nation's largest auto insurer, a ranking it has held ever since. About one out of every five cars on the road is insured with State Farm. State Farm Mutual Automobile Insurance Company is a mutual insurance company and as such does not have any shareholders.
State Farm Mutual Automobile Insurance Company in 1965 began marketing health insurance, which had earned premiums of $899.1 million at year-end 1999. Based on written premiums in 1999, State Farm ranks 13th among all companies writing individual health insurance.
State Farm Mutual Automobile Insurance Company is also the parent company of wholly owned subsidiaries that provide property and life insurance coverage.
State Farm Life Insurance Company was founded in 1929. State Farm Life and Accident Assurance Company began operations in 1961 to meet special requirements for life insurance in New York, Connecticut and Wisconsin. At the end of 1999, the two companies had nearly $395.3 billion total insurance (including group) and assets of more than $27.9 billion. Based on ordinary life insurance in force in 1999, State Farm life affiliates rank fifth among all life insurance groups doing business in the United States.
State Farm has provided life insurance and annuities products in Canada since January of 1954. On January 1, 2007, State Farm International Life Insurance Company Ltd. (SFI) commenced operations in Canada. On that date, all in-force State Farm Life Insurance policies transferred to the new company. SFI operates in three provinces; Alberta, Ontario and New Brunswick and is sold exclusively through Canadian State Farm agents.
State Farm Fire and Casualty Company was started in 1935. Product lines include homeowners, boat owners and many commercial lines. The company has been the nation's largest insurer of homes since 1964. It also is the largest insurer of pleasure boats.
State Farm County Mutual Insurance Company of Texas became a part of the State Farm Group in 1961 and protects higher-risk motorists in that state. Earned premiums at year-end 1999 were more than $4.7 million. Assets totalled $43.5 million.
State Farm General Insurance Company was organized in 1962 as a property insurance affiliate.
State Farm Florida Insurance Company began writing new business Feb. 1, 1999 in Florida. Homeowners, Renters, and Condominium Unit Owners policyholders in Florida with State Farm Fire and Casualty Company and State Farm General Insurance Company will receive an offer for the new company. This offer began with usual renewal dates on or after May 1, 1999. The company is capitalized at $607.5 million.
State Farm Federal Savings Bank The bank, formally chartered by the Office of Thrift Supervision (OTS) in November 1998 as State Farm Financial Services, FSB, will generally be called "State Farm BankŪ." Its focus is on consumer-oriented financial products, complementing State Farm's insurance focus on personal lines.
State Farm Bank is a nontraditional financial institution and does not have branch offices. The bulk of communication between the bank and its customers is through agents, augmented by telephone, mail and the Internet.
State Farm Bank is available only in the United States.
State Farm Finance Corporation of Canada (SFFCC) - was formed on May 1, 2002. SFFCC offers vehicle loans, RRSP loans and Small Business Vehicle loans to our customers. The loans are originated through a State Farm Agent. These products assist the Agents in adding financial services value in the households they serve.
 State Farm Investor Services (Canada) Co. (SFISCC) began operations in December 1, 2000, and is a separate legal entity from State Farm Mutual Automobile Insurance Company, or any of its insurance affiliates. This Company was established in order to offer mutual funds as part of our Financial Services product offering in Canada. State Farm Investor Services is registered as a Mutual Fund Dealer, and mutual funds are distributed through registered representatives of this Company.*
SF Insurance Placement Corporation of Canada (SFIPCC). State Farm began offering third-party Living Benefits products in 1997 and the SFIPCC was created in 2004 to allow State Farm to broaden the scope of products we could offer and form a strategic alliance with RBC Insurance. Currently, SFIPCC offers product solutions in the areas of Disability Income Protection, Critical Illness, Health & Dental, and Long Term Care.**
|
