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StanCorp Financial Group

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StanCorp Financial Group
Company typeSubsidiary
Industryinsurance
Founded1906
HeadquartersStandard Plaza
Portland, Oregon,
United States
Key people
J. Gregory Ness (CEO)
Productsgroup life insurance, annuities, group dental insurance, group retirement plans
Revenue$2,492,900,000 (2006)
Increase $309,700,000 (2006)
Increase $203,800,000 (2006)
Number of employees
3,280
ParentMeiji Yasuda Life Insurance Company
SubsidiariesStandard Insurance Company, The Standard Life Insurance Company of New York, StanCorp Investment Advisers, Inc., StanCorp Mortgage Investors, LLC, Standard Retirement Services, Inc.
Websitewww.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]

History

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]

See also

References

  1. ^ Form 10-K: 2006 Annual Report. StanCorp Financial Group, Inc. Retrieved on February 28, 2008.
  2. ^ a b c d Quick Facts. StanCorp Financial Group. Retrieved on February 28, 2008.
  3. ^ Standard celebrates its 100-year anniversary. Portland Business Journal, February 21, 2006.
  4. ^ [1] http://skyscraperpage.com/cities/?buildingID=14444
  5. ^ NEW OFFERINGS; Life insurance, dog food on IPO schedule. The Atlanta Journal and Constitution, April 10, 1999.
  6. ^ StanCorp to pay $75 million for TIAA-CREF group insurance business. Portland Business Journal, May 29, 2002.
  7. ^ Parsons succeeds Timpe as StanCorp chairman. Portland Business Journal, May 4, 2004.
  8. ^ Forbes ranks StanCorp among America's best. Portland Business Journal, January 4, 2006.
  9. ^ Boselovic, Len. Oregon firm buying Invesmart. Pittsburgh Post-Gazette, April 26, 2006.
  10. ^ Nike makes Fortune 500 list. Portland Business Journal, May 11, 2007.
  11. ^ Standard Retirement Services buying DPA and MasterPlan Advisors. Portland Business Journal, July 2, 2007.
  12. ^ Bray, Chad (July 24, 2015). "Meiji Yasuda to Buy StanCorp Financial for $5 Billion". The New York Times. Retrieved 13 August 2015.
  13. ^ Stevens, Suzanne (March 8, 2016). "5 things to know today, including farewell to what was Oregon's fourth-largest public company". Portland Business Journal. Retrieved 9 March 2016.
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