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StateFarm Insurance

In a little over 80 years, StateFarm has grown from a small, farming-community-based mutual auto insurer to one of the world's largest financial institutions.

Despite this tremendous growth, our founder's original philosophy of insurance coverage at a fair price, coupled with fair claim settlement has remained the cornerstone of our success. It began in 1921, when a successful Illinois area farmer named George J. Mecherle (pronounced Ma-herl), was forced to change careers due to his wife's health concerns. The couple moved to the city of Bloomington, and Mecherle took a job as an insurance salesman.

He liked the work, and quickly became successful, but he did not agree with the fact that farmers were charged the same auto insurance rates as non-farmers even though they were consistently less accident-prone.

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. In 1922 Mecherle opened his own firm, StateFarm Insurance, as a mutual automobile insurance company owned by its policyholders.

This revolutionized the insurance business by introducing low-risk rates, safe-driver discounts, and semi-annual payment plans. Today StateFarm Insurance Companies® is one of the 25 largest corporations on the Fortune 500.

State Farm's 17,000 agents and 68,000 employees serve over 74 million auto, fire, life, and health policies in the United States and Canada, and more than 1.8 million bank accounts. The highly principled mission, vision and values of StateFarm today are still those of George J. Mecherle.

Types of insurance: Auto insurance, Home insurance, Life insurance, Health insurance, Business insurance, Boat insurance

Founded: 1922

Headquarters: Bloomington, Illinois

Web site: www.statefarm.com

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