Standard Insurance Company, also branded as The Standard, is an American
insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...
and financial company which is a subsidiary of
StanCorp Financial Group, headquartered in
Portland, Oregon
Portland ( ) is the List of cities in Oregon, most populous city in the U.S. state of Oregon, located in the Pacific Northwest region. Situated close to northwest Oregon at the confluence of the Willamette River, Willamette and Columbia River, ...
. On July 23, 2015,
Meiji Yasuda, a Japanese mutual insurance group, made an offer to purchase Stancorp Financial for $5 billion. The transaction was completed in the first quarter of 2016.
The Standard covers 8.5 million people (June 30, 2008) in the USA through and out of above 30,000 employers with group and individual disability insurance, group life, AD&D and dental insurance, retirement plans products and services, individual annuities. It is licensed in 49 states and Washington, DC. In New York it has Standard Life Insurance Company of New York.
The average
loan-to-value ratio
The loan-to-value (LTV) ratio is a financial term used by lenders to express the ratio of a loan to the value of an asset purchased.
In real estate, the term is commonly used by banks and building societies to represent the ratio of the first ...
on new loans was 64 percent in 2008. Standard Insurance Company has maintained an “A” rating or higher from A.M. Best Company since 1928. Assets $14.56 billion (March 31, 2009).
3,400 employees in 2008. In December 2005 revenue was $2,147,500,000.
On February 24, 1906
Leo Samuel, a German immigrant, founded the Oregon Life Insurance Company.
''Portland Business Journal
American City Business Journals, Inc. (ACBJ) is an American newspaper publisher based in Charlotte, North Carolina. ACBJ publishes ''The Business Journals'', which contains local business news for 44 markets in the United States with each market ...
'', February 21, 2006. In 1946 the company name was changed to Standard Insurance Company.[Quick Facts.]
StanCorp Financial Group. Retrieved on February 28, 2008.
In 2006, on a 100th anniversary celebration the company launched The Standard Charitable Foundation with emphasis on helping individuals and families who have experienced a loss or setback such as a major disability or the loss of a loved one.
In 2016, Standard Insurance settled a 2012 class action lawsuit in federal court naming Standard Insurance and New Mexico’s General Services Division as defendants in response to denied claims after the death of the covered employee. The settlement of $2.4 million provides between $5.06 - $42.05 to the 74,505 public employees who paid for life insurance coverage through their state employment. [An unsettling settlement to a long-standing Class Action lawsuit](_blank)
Standard's headquarters in Portland are located in the Standard Insurance Center. The company also has offices in Standard Plaza. It owns both buildings.
References
{{Reflist
Meiji Yasuda Life
Insurance companies of the United States
American companies established in 1906
Financial services companies established in 1906
Companies based in Portland, Oregon
1906 establishments in Oregon