StanCorp Figures Attack-Related Claims at Under $6 Mil

PORTLAND, OR-StanCorp Financial Group Inc. says this morning that the exact magnitude of terrorist-attack-related claims under its policies will not be determined for several weeks or months, but did issue an estimate. “Based on our preliminary assessment, we do not believe that the total pre-tax cost to the Company is likely to exceed $6 million,” says company chairman and CEO Ron Timpe, adding: “We will respond by quickly and effectively processing claims on behalf of the people insured under our policies.”

StanCorp Financial Group, Inc., through its subsidiaries Standard Insurance Company and The Standard Life Insurance Company of New York, is a major provider of employee benefits products and services. It has nearly 34,000 group insurance policies in place covering more than 5.2 million employees.

In the first day of trading since the attack, StanCorp shares fell 10% early, falling as much as $4.25 below its previous close of $45.20 before beginning to rebound. In noontime trading, shares stood at $44.50, off $0.70 on double average volume.