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HistoryState Farm was founded as a mutual automobile insurance company owned by its policyholders. Despite the company's name, State Farm did not initially begin as a crop insurance company. Specifically, State Farm specialized in auto insurance for farmers. Founder George J. Mecherle believed that since farmers drove less and had fewer losses than city drivers, they should pay less for insurance. His idea was popular with farmers and made his new company successful. Since its inception, State Farm has expanded its services into other popular types of insurance, such as homeowners and life insurance, in addition to banking and financial services. 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. Edward B. Rust, Jr. is chairman of the board and chief executive officer of State Farm Mutual Automobile Insurance Company, Bloomington, Ill. He is also president and chief executive officer of State Farm Fire and Casualty Company, State Farm Life Insurance Company and other principal State Farm affiliates. |
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