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February 07, 2016 11:05 AM ET

Insurance

Company Overview of State Farm Mutual Automobile Insurance Company

Company Overview

State Farm Mutual Automobile Insurance Company provides various insurance and financial services in the United States and Canada. Its insurance products include general, auto, accident, homeowners, condo owners, renters, life and annuities, fire and casualty, health, disability, long term care, business, and boat insurance products. The company also offers farm and ranch, flood, motor cycle, personal articles, personal liability umbrella, community organizations, and volcano damage insurance products. It sells its insurance products through agents. In addition, the company provides various banking products comprising checking and interest checking accounts, money market accounts, certificate...

One State Farm Plaza

Bloomington, IL 61710-0001

United States

Founded in 1922

Phone:

309-766-2311

Fax:

309-766-3621

Key Executives for State Farm Mutual Automobile Insurance Company

Vice Chairman, Chief Executive Officer and President
Age: 55
Vice Chairman and Chief Agency & Marketing Officer
Chief Administrative Officer and Executive Vice President
Age: 57
Chief Legal Officer, Executive Vice President and Secretary
Executive Vice President
Compensation as of Fiscal Year 2015.

State Farm Mutual Automobile Insurance Company Key Developments

State Farm To Sell Campus In Richardson

State Farm Mutual Automobile Insurance Company is planning to sell its new 2 million-square-foot regional hub in Richardson. State Farm could also sell its two other similar hub campuses in Atlanta and Phoenix. The regional campus in Richardson is expected to be brought to the market via Eastdil Secured, according to real estate sources. A spokesman with State Farm was not immediately available to comment on January 19, 2016.

State Farm Announces Executive Changes

State Farm Chairman and CEO Edward B. Rust Jr. announced that Michael Tipsord, State Farm president and chief operating officer, will succeed him in September as chief executive officer. Rust, who has served as CEO the past 30 years, will continue as chairman of the board. Tipsord was named chief financial officer in 2004, chief operating officer in 2011 and was elected to the office of president in 2015. Tipsord is a member of the board of directors of State Farm Mutual Automobile Insurance Company and its principal affiliates.

Wage Case for State Farm Mutual Automobile Insurance Co's Employees Settles

A federal judge in Missouri approved an $877,621 settlement for wage and hour claims made by an insurance company's employees in Minnesota and Arizona. In a class action lawsuit, attorneys from Stueve Siegel Hanson and Lear Werts alleged that State Farm Mutual Automobile Insurance Co.’s timekeeping policy caused employees to perform unpaid work. The suit claimed the insurer required employees at its operations centers to engage in duties before and after shifts and during breaks. The suit alleged that employees were paid under an exception hourly system. Though classified as non-exempt, the workers did not clock in or out but were paid for a standard amount of hours per week unless the employee entered exceptions, such as for sick time or vacation. The initial suit was aimed at State Farm’s operation in Columbia, Missouri, and later amended to include Minnesota, Arizona and Oklahoma. The classes in Oklahoma and Missouri, however, were decertified in 2013 after Judge Nanette K. Laughrey ruled that the workers in those states didn’t meet the requirements of the class. Among other things, the judge found evidence that the employees had been able to use 'flextime' to make up for extra hours worked. Laughrey approved the final agreement in March. The settlement amount included $289,615 in attorney fees, constituting a third of the settlement amount.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
May 21, 2015
State Farm Mutual Automobile Insurance Co., Two Properties at the Papago Park Center
 

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