On August 28, 2009
State Farm CEO Rust: Effective But Not Greedy
In the realm of insurers, midwesterner Edward Rust Jr. could be Warren Buffett’s alter ego. No, his company is not as big as Buffett’s Berkshire Hathaway, which is ranked 13th on the Fortune 500, but State Farm, where Rust is longtime CEO, does occupy the 31st spot, up one from last year. State Farm is the nation’s largest home insurer and possibly the U.S.’s biggest insurer since American International Group met its Waterloo in 2008. In keeping with Berkshire Hathaway, State Farm has weathered the recession in style. In 2008 State Farm wrote 1.7 million new policies and added 218 more agents. And like the Oracle of Omaha, Rust has a reputation for frugality with his company’s money. While he…
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