Type | Subsidiary |
---|---|
Industry | insurance |
Founded | 1906 |
Headquarters | Standard Plaza Portland, Oregon, United States |
Key people | J. Gregory Ness (CEO) |
Products | group life insurance, annuities, group dental insurance, group retirement plans |
Revenue | $2,492,900,000 (2006) |
$309,700,000 (2006) | |
$203,800,000 (2006) | |
Number of employees | 3,280 |
Parent | Meiji Yasuda Life Insurance Company |
Subsidiaries | Standard Insurance Company, The Standard Life Insurance Company of New York, StanCorp Investment Advisers, Inc., StanCorp Mortgage Investors, LLC, Standard Retirement Services, Inc. |
Website | www.StanCorpFinancial.com |
Footnotes /references financial data [1] |
StanCorp Financial Group, Inc. is an insurance and financial services company based in Portland, Oregon, United States. In 2006 it ranked as number 731 on the Fortune list with in excess of $2 billion in annual revenues. Founded in 1906, the company's main subsidiary is Standard Insurance Company. From 1999 until 2016, StanCorp was publicly traded on the New York Stock Exchange.[ citation needed ]
The company was founded in Oregon in 1906. [2] On February 24, Leo Samuel founded the Oregon Life Insurance Company. [3] In 1946 the company name was changed to Standard Insurance Company. [2] Then in 1962, the company moved its headquarters into the newly constructed Standard Plaza building. [4] Thirty years later, Standard Insurance acquired the Georgia-Pacific Building in 1982 when Georgia-Pacific moved its headquarters to Atlanta, GA. Then in 1998, StanCorp Financial Group, Inc. was created as the holding company for all the business divisions of the company. [2] The following year the company went public, trading on the New York Stock Exchange. [5]
StanCorp's Standard Insurance purchased part of Teachers Insurance and Annuity Association (TIAA) group life and disability portfolio in 2002 for $75 million. [6]
In May 2004, Ron Timpe was succeeded by CEO Eric Parsons as the company's chairman of the board of directors. [7]
In January 2006, StanCorp was named to the Platinum 400 by Forbes magazine for the fourth year. [8] Later in 2006, the company purchased investment services firm Invesmart for $85 million. [9]
In 2007, StanCorp made the Fortune 1000 list at number 746. [10] The company purchased several retirement plan administrators in July 2007 to add to their Retirement Services division. [11] As of 2007, all of the divisions employ a total of 3,280 people at approximately 90 offices across the United States. [2] They are headquartered in the Standard Insurance Center and the Standard Plaza buildings in downtown Portland.
Meiji Yasuda Life Insurance Company announced it would purchase StanCorp for $5 billion in July 2015. [12] The deal was completed in March 2016. [13]
Washington Mutual was the United States' largest savings and loan association until its collapse in 2008.
U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States. The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States. It is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants, and Elan Financial Services, a credit card issuer that issues credit card products on behalf of small credit unions and banks across the U.S.
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Assurant, Inc. is a global provider of risk management products and services with headquarters in New York City. Its businesses provide a diverse set of specialty, niche-market insurance products in the property, casualty, extended device protection, and preneed insurance sectors. The company’s main operating segments are Global Housing and Global Lifestyle.
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Precision Castparts Corp. is an American industrial goods and metal fabrication company that manufactures investment castings, forged components, and airfoil castings for use in the aerospace, industrial gas turbine, and defense industries. In 2009 it ranked 362nd on the Fortune 500 list, and 11th in the aerospace and defense industry. In 2015 it ranked 322nd overall and 9th in the aerospace and defense industry. In 2014 it ranked 133rd on the S&P 500 based on market capitalization. In January 2016, the company became a subsidiary of Berkshire Hathaway. Before that event, it used to be one of the three Fortune 500 companies headquartered in Oregon.
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Standard Insurance Company, also branded as The Standard, is an American insurance and financial company which is a subsidiary of StanCorp Financial Group, headquartered in Portland, Oregon. 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.
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