Thread regarding State Farm Insurance layoffs

No way the Farm would go the way Allstate!

Will the new company force vaccination?

Quit spreading fear. Learn about things before reacting/overreacting. This is for a new "company" to handle antique/classic auto insurance...

JFC, you guys must all ride the short bus to work. Is anyone capable of independent thought at this company?

No. This has nothing to do with pensions or benefits. This new company likely won’t even have employees. It is a paper company.

Are they going to buy out all pensions?????

Forming a stock company is no big deal. As mentioned, SFF&C and Life Company are both wholly owned by mother mutual. Forming a stock company, and de-mutualizing are very very different animals. It would be impossible to just forma stock company and then close mother mutual into it.

This is an “internal” company that will be wholly owned by the Mutual Company. This is standard procedure for SF. The Fire & Casualty Company is a stock company so is the Life Company both wholly owned by Mutual. The name suggests this may be a company dedicated to antique and classic cars-but that is speculation on my part. Not sure of the strategy there either-perhaps more form or rate freedom?

This means nothing for Mama Mutual. To demutualize you have to advise every Mutual policyholder of the change and each mutual policyholder will either be offered shares or cash because as a mutual policyholder you are the owner of the company. And I concure with the prior poster, if Mama Mutual was going public this would have been headline news on all the financial news programs and websites. We will know when they announce if this is for Gainsco or the expansion of HighRoad into AZ or some other entity we are in the process of creating or purchasing.

I hope not. Look at Allstate and the things they do to please their shareholders. Customer facing claims handling in India? That is definitely not how a mutual company that serves its policyholders would run their claims operations.

What does this mean? Anything from “technicality” of spinning off internet auto insurance ops without dragging down mother mutual, to the end of the world as we know it. It certainly means a lot of wild and unsubstantiated speculation on this site.

What does this mean?

Jan 29, 2021

99675 NOTICE OF INTENTION TO FORM A STOCK INSURANCE COMPANY Pursuant to Section 17 of Article II of the Illinois Insurance Code (215 ILCS 5/17), we, the undersigned incorporators, all of whom are residents of the State of Illinois, do hereby give notice and publish our intention to form a stock insurance company under the insurance laws of the State of Illinois, as follows: The proposed name of the Company is State Farm Classic Insurance Company ("Company"), with its principal office located at 1 State Farm Plaza, Bloomington, McLean County, Illinois. The classes of insurance business in which the Company proposes to engage are Class 2 (Casualty, Fidelity and Surety), and Class 3 (Fire and Marine, etc.), as provided in Section 4 of Article I of the Illinois Insurance Code (215 ILCS 5/4). The kinds of insurance in which the Company proposes to write (including cession of and acceptance of reinsurance of all or any part of any risk) are as follows: Class 2 - (b) Vehicle; Class 3 - (d) Marine and Transportation and (e) Vehicle. Signed, Jon C. Farney and Michelle D. Mancias, Incorporators, Bloomington, Illinois.

Why yes I am thanks to your lovely bride.

Are you in good hands?

In there recently a couple times past week. Something about Marine and fire and surety and auto reinsurance but hard to read... Classic hmmm

I found it. Google pantagraph bloomington. the click classifieds. Then search statefarm. its in the classifieds

Don’t forget Robin Hood and their men in tights, out to squeeze the shorts that’s right!

I did go into Pantagraph web app and find the legal notice. Filing it in McLean county so at least it isn’t “moving along with Corporate headquarters “ to Texas, at least not for now. Not sure if any job cuts because of that.

Cannot find any working link and internet search turns up nothing. SFF&C has always been a stock company...mother mutual owns all the stock.
The only “State Farm Classic” I am familiar with is an LPGA golf tournament.

Would be more convincing if the link turned something more than “no content found”.

I really don't think mother mutual and SFFC would go public.

"State Farm Classic" = no more Pension and more layoffs. Its time to invite the Unions before we get totally screwed

Well it looks like they did hide for a week. Unless this is some experiment to have a small part of SF become a public company. Anyone know what "State Farm Classic" is?

State Farm filing to go public would be the lead story on every financial news outlet. It would not be able to hide in the Pentagraph for a week.