California
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- California
- Bakersfield, CA
- Bay Area, CA
- Burbank, CA
- Fresno, CA
- Long Beach, CA
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That's pretty alarming when a major insurance company is out of cash...
Insurance distorts housing markets, allows builders to take unreasonable risks, etc.
I strongly suspect that this is some kind of internal fuckup, not State Farm being insolvent.
probably just waiting so they can get some interest before releasing the funds first.
As someone that works in corporate America that would take too much common sense to execute on, its likely incompetence.
I thought that the company that had the fire insurance in Cali wasn't State Farm proper. It is a spin off specifically for home insurance there. I could also be wildly wrong.
I'm sure the national state farm corporation spun off shell companies to reduce liability in these high risk areas.
They aren't out of cash they simply gave their execs too many bonuses. I guarantee their deficit could be offset by reducing leadership pay to something more realistic.
it’s almost certainly a subsidiary of a subsidiary, created solely to hold a minimally funded bank account