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AM Best Affirms Credit Ratings of Members of Standard Insurance Group and Pacific Guardian Life Insurance Company, Limited

AM Best Affirms Credit Ratings of Members of Standard Insurance Group and Pacific Guardian Life Insurance Company, Limited

OLDWICK, N.J.–(BUSINESS WIRE)–Oct 9, 2020–

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Standard Insurance Company (Portland, OR) and its affiliate, The Standard Life Insurance Company of New York (White Plains, NY), together referred to as the Standard Insurance Group (The Standard). Additionally, AM Best has affirmed the Long-Term ICR of “bbb+” and the Long-Term Issue Credit Rating (Long-Term IR) of “bbb+” on the outstanding $250 million 5% senior unsecured notes, due 2022, of StanCorp Financial Group, Inc. (StanCorp Financial) (Portland, OR), the intermediate holding company of The Standard.

Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” of Pacific Guardian Life Insurance Company, Limited (Pacific Guardian) (Honolulu, HI). The outlook of these Credit Ratings (ratings) is stable. The Standard and Pacific Guardian are the U.S. insurance subsidiaries of Meiji Yasuda Life Insurance Company (Meiji Yasuda).

The ratings of The Standard reflect its balance sheet strength, which AM Best categorizes as strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

The Standard’s risk-adjusted capital has shown incremental increases over the past two years based on favorable operating results. Dividends to the parent have been lower than historical levels, which has contributed to the capital appreciation. Approximately one-third of The Standard’s invested assets are held in commercial mortgage loans with a concentration of loans on the West Coast. The portfolio is currently performing well as The Standard is the direct underwriter of the loans and has strong underwriting capabilities based on its long history as a loan originator. However, commercial mortgage loan performance overall is under pressure due to the economic impact of the COVID-19 pandemic, especially in retail and hospitality

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SAG-AFTRA Cuts Staff For Third Time During Pandemic, Offers More Dues Relief To Members In Financial Distress

SAG-AFTRA Cuts Staff For Third Time During Pandemic, Offers More Dues Relief To Members In Financial Distress

SAG-AFTRA said today that it has further reduced its workforce “across most operations and locals” through a combination of early retirements and job eliminations. This is the union’s third workforce reduction since the pandemic and production shutdown began in mid-March, and will bring the number of its employees to about 400 nationwide.

“Someday, this crisis will end,” said David White, the union’s national executive director. “For now, with cases spiking across the country and a second global surge possible this winter, we must take steps to further align expenses with anticipated revenues. Adjusting our staff size is difficult and painful, but unavoidable. I thank each and every person for their service and dedication to SAG-AFTRA members. We will continue to maximize all of our resources and deliver on our core functions while maintaining excellent service to members and move toward a leaner and more efficient operation.”

“We must act wisely and prudently to ensure a strong union while remaining a fierce and steadfast advocate for our members who also are facing COVID-19 related challenges,” said SAG-AFTRA president Gabrielle Carteris. “Our work over the last decade resulted in responsible fiscal management and consistent budget surpluses. Because of those surpluses, and with additional expense management, we are positioned to withstand the pandemic and serve our members for generations to come.”

SAG-AFTRA Approves $96 Million Budget, Expects Employee Furloughs & Work-Hour Reductions

In a statement to members tonight, White and Carteris said:

“We take this step in response to the accelerating impact of the pandemic on the union’s current and future financial condition. We live in extraordinary times. Across America, our people and institutions face unprecedented challenges as a result of the COVID-19 pandemic that continues to ravage our communities. SAG-AFTRA is no different in this respect. Our leadership and staff have confronted

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DiaryLand Members Space

DiaryLand Members Space

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DiaryLand Members Space

DiaryLand Members Space

Business news,Business daily,Business ideas,Business insider,Business letter,Business line,Business plan,Business proposal,Business times,Business world,Online businessEverything that you could know to start out your own enterprise. However it does imply that as a result of we’re typically one-particular person companies, you higher not less than have some of the skills it is going to take, like maybe making movies if a video is going to be a key part of your strategy, or building web sites or no matter it’s. This business concept is probably not the most profitable, however it’s an important alternative to make cash easily from home.

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