In corporate news:

Edward Rust is stepping down as CEO of State Farm. Rust has served in the post since 1985 and is the longest-standing CEO in the insurer’s history. He will be succeeded by Michael Tipsord, currently the company’s chief operating officer. In a press release announcing the leadership change, State Farm said that the Board of Directors had unanimously agreed with Rust’s recommendation to elevate Tipsord. State Farm is the nation’s leading insurer of vehicles and homes, and this year, the company became the largest provider of individual life insurance policies in the U.S. During Rust’s tenure, State Farm has grown from 45 million policies to serving more than 82 million policies and financial services accounts. The financial strength of the organization has grown from $10 billion to more than $80 billion. According to 2013 data (the most recent available) from the Louisiana Department of Insurance, State Farm wrote $7,921,864 in direct premium for workers’ comp on the year, placing it at number 19 of the top 20 comp insurers in the state.

Read the full release from State Farm here. Read full coverage from PropertyCasualty360 here.

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