I was proud of how our associates responded with volunteerism, blood donations, and fund raising. Thirty-eight people who died that day had State Farm life insurance policies, and about 200 vehicles destroyed or damaged in the attack were insured by State Farm.
Because we are primarily a “personal lines” insurer, claims coming out of the events were relatively small. Thankfully, no State Farm associates lost their lives September 11. 11 affect State Farm? What’s the status of terrorism insurance policies under consideration in Congress? and Canada, giving us a strong, local, hometown presence reflected by our new advertising theme, “We live where you live,” which supplements our “Like a good neighbor…” theme. Secondly, we have 16,500 agents throughout the U.S. Two things set us apart: we’re a mutual insurance company, meaning we’re focused solely on the needs of our customers, which gives us a competitive advantage in terms of price, service, and financial strength. What sets State Farm apart from others in your industry? State Farm also has about 16,500 agents – independent contractors, not State Farm employees – who, in turn, employee their own staffs. The corporate headquarters and the Illinois Operations Center are in Bloomington. and Canada, and about 14,500 of them work in Bloomington-Normal, where we own 13 facilities totaling about 3.6 million square feet. The company has nearly 80,000 employees in U.S. 25 on the Fortune 500 list last year’s revenues totaled $47 billion. We expanded into broader financial services in 1999 with State Farm Bank, and in 2001 with State Farm Mutual Funds. We have policyholders in every state and three Canadian provinces. State Farm is also one of the nation’s largest life insurers. It’s been the nation’s largest auto insurer for 60 years and the largest insurer of homes for 38 years. It began selling insurance to non-farmers in 1926, issuing the first life insurance policy in 1929 and the first homeowners policy in 1935. The first step beyond Illinois borders was to Indiana in 1925. State Farm was founded in Bloomington in 1922 with a special interest in serving the state’s farmers.
Give an overview of State Farm in Bloomington – its origin, growth, and history of the company, etc. My wife, Sally, and I have one adult son who’s in the publishing business out East. I graduated from Illinois Wesleyan University, later earning a law degree and MBA from Southern Methodist University. I’m a Bloomington native and a product of local public schools. Tell us about your background, schools attended, family, etc. and McGraw-Hill Companies, Inc., New York.Ī leader of the business community’s efforts to improve the quality of education in the United States, he’s the former co-chairman of the Business Coalition for Excellence in Education and served on President Bush’s Transition Advisory Team committee on education. Rust serves on the boards of directors of BITA, the Technology Group for the Financial Services Roundtable Helmerich and Payne, Inc., Tulsa, Okla. He was elected vice president in 1981 elected executive vice president, chief operating officer, and a director in 1983 became president and CEO in 1985 and was elected to the additional post of chairman of the board in 1987.
He joined State Farm in 1975 at the Dallas regional office, moved to the corporate law department in 1976, became senior attorney-general later that year, and was named assistant vice president in 1978. Rust graduated from Illinois Wesleyan University in Bloomington and received both juris doctor and master of business degrees from Southern Methodist University in Dallas, Texas.
Edward Rust, Jr., is chairman of the board and CEO of Bloomington-based State Farm Insurance Companies, including State Farm Mutual Automobile Insurance Company, State Farm Fire and Casualty Company, State Farm Life Insurance Company, and other principal State Farm affiliates.
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