Standard Life and Accident Insurance Co
Our History Of Firsts Began By Putting Customers First
In 1906, when the Northwest was largely an untamed wilderness, a visionary man named Leo Samuel founded the company that would become The Standard. Long before someone coined the phrase “act local,” Mr. Samuel saw the need for an insurance company that understood the lives of its customers first-hand.
In those days, the timber industry was king and the life of a logger was rough and dangerous. Equipment was primitive. On-the-job injuries could strike anytime. Social Security and workers’ compensation didn’t exist, so an injury or death could wreck a family’s finances and their future.
Even if a logger managed to buy a life insurance policy, most of the companies were located on the east coast. The long distances involved meant slow claims payments and impersonal service.
Mr. Samuel formed the Oregon Life Insurance Company to meet the needs of local customers better and faster.
From The Beginning, We Blazed Trails
If a logger couldn’t work due to injury, chances were he’d lose his insurance due to non-payment of premiums. The Standard became one of the first insurance companies to implement a waiver of premium – allowing permanently disabled policyholders to keep their insurance without paying any additional premiums. That same pioneering spirit guides our products and services today.
Our Success Keeps Growing – And We Keep Giving Back
Leo Samuel’s company – built on local customer service – grew steadily. The company’s conservative investment strategies and strong reputation delivered continued success through world wars, economic upheavals and the evolution of the insurance industry.
Today, The Standard has more than 40 offices across the country and 2,700+ employees. We provide financial services and products to approximately 6 million customers, in all 50 states, the District of Columbia and the United States Territories of Guam and the Virgin Islands.
In Portland, Ore., where our home offices are still located, we are the largest non-government employer downtown. The Standard is also one of the top corporate donors to local nonprofits serving those in need, with emphasis on helping people with disabilities thrive independently, supporting families facing challenges, broadening access to the arts and preparing our future workforce for success.
Customer Service Never Goes Out Of Style
When we received our first claim in the mail in 1906, we paid it in full that very day. More than a century later, our online services would amaze Mr. Samuel. But we’re still committed to expedient, personal support. Doing the right thing for customers is in our DNA. That will never change.
For an insurance and asset management company, there is nothing more important than financial strength. We take this responsibility very seriously and back it up with our disciplined business practices, sound investment strategies and unique industry expertise. Because of our strong business mix and capital levels, we at The Standard have maintained our focus on providing excellent customer service while still seeking attractive business opportunities. By approaching our commitments with a long-term perspective, we are able to invest for our customers and build value for our shareholders.
Our balance sheet is the cornerstone of our financial strength and has provided us with a foundation for profitability through a wide range of economic cycles.
Our bond portfolio is strong. Our strategy is to maintain a diversified portfolio of high quality fixed-maturity securities to keep us well protected if any industry experiences difficulties.
Average portfolio rating of “A-” as measured by Standard & Poor’s
Commercial Mortgage Loan Portfolio
Our commercial mortgage loans have consistently provided a superior balance of risk and return. We offer small commercial mortgage loans to borrowers who want a fixed rate over time, and we rigorously underwrite every commercial mortgage loan we make. The quality of our commercial mortgage loans is excellent.
As of Dec. 31, 2014:
$5.32 billion portfolio (on approximately 6,500 loans)
Average loan size – approximately $0.8 million
The Standard Stands the Test of Time
In the July 2014 issue of Best’s Review, Standard Insurance Company was recognized for maintaining an “A” rating or higher from A.M. Best Company since 1928. The Standard was honored to be among one of only 12 life/health insurers to consistently achieve an “A” rating or higher for more than 75 years. Given the rapidly evolving markets, changing customer needs and challenging economic times, this is a significant accomplishment. We are proud of this longstanding track record of financial strength.