State Farm to Reopen Miss. Slab Claims; Scruggs Sees Political Ploy

March 7, 2007

  • March 7, 2007 at 2:15 am
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    State Farm CEO Gets 82% Pay Raise
    March 7, 2007

    State Farm Insurance\’s chairman and CEO received an 82 percent raise after the company posted a record profit last year, a statement from the Bloomington-Ill.-based insurer said this week.

    Chairman and Chief Executive Officer Ed Rust Jr. got a $5.26 million raise. He earned $11.66 million in 2006 with a base salary of $1.77 million and results-based bonus of $9.89 million, the statement said. Rust made $6.4 million in 2005 and $5.5 million in 2004.

    The absence of a major catastrophe helped the insurer generate a record $5.32 billion profit last year, compared to $3.24 billion in 2005 when Hurricane Katrina hit the Mississippi Gulf Coast, release said.



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