Reliance Standard Life Insurance Company
Reliance Standard Life Insurance Company
2001 Market Street, Suite 1500
Philadelphia, PA 19103
Reliance Standard Life Insurance Company is a chief insurance provider offering innovative and variable employee benefits solutions. This includes disability income and group term life insurance with a set of voluntary, employee-paid coverage options and fully integrated absence management. Reliance Standard distributes these solutions through independent brokers and agents to employers of all sizes.
Founded in 1907 as Central Standard Life Insurance Company, the company was renamed Reliance Standard Life Insurance Company in 1965. Reliance Standard began its centennial year in 2007. In 2009, Reliance Standard was named to the list of Ward’s 50 Top Performing Insurance Companies.
The company provides insurance products and services in all states (except New York), the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Its insurance products and services are provided In New York through First Reliance Standard Life Insurance Company with their home office in New York, New York.
Reliance Standard is a completely owned subsidiary of Delphi Financial Group, Inc. since it became a part of Delphi in 1987. Delphi Financial Group, Inc., an integrated employee benefit services company, is a leading company when it comes to managing all aspects of employee absence to improve the efficiency of its clients. It offers related group insurance coverage including long-term and short-term disability, life, excess workers’ compensation for self-insured employers, large casualty programs such as large deductible workers’ compensation, travel accident, dental and limited benefit health insurance. Delphi’s asset accumulation business highlights individual annuity products.
Reliance Standard has helped millions protect their assets with its quality insurance products and responsive service. The company continues to maintain a strong balance sheet, diversified investment portfolio and sound ratings from independent agencies. Over the last 15 years, the company capital ratio has significantly exceeded the life insurance industry average as reported by the American Council of Life Insurers (ACLI). By taking a conservative approach to managing its assets, Reliance Standard has been able to uphold a strong balance sheet in all market conditions. As a significant measure of financial strength and stability, the capital ratio is also important to review the quality, allocation and diversification of an insurance company’s investment portfolio.
Approximately 90.1% of Reliance Standard’s Invested Assets consisted of Bonds, Cash & Short Term investments as of June 30, 2009. This bond portfolio consists primarily of a diversified blend of Corporate Bonds, Government Bonds and Mortgage Backed Securities, which provide a high degree of liquidity. In addition, its financial strength ratings as of January 31, 2010 are “A” (Excellent) from AM Best (since December 12, 2005), “A-” (Strong) from Fitch (since April 4, 2009), “A” (Strong) from Standard & Poor’s (since March 10, 1997), and “A3” (Strong) from Moody’s (since September 24, 2004).
Reliance Standard is known for its Reliance Standard Life’s LeaveManager product. Through RSL’s LeaveManager program, customers receive the service and assistance they need. RSL LeaveManager supplies companies with 50 to 2,000 lives with a web-based system to record, manage and report types of employee absences, whether government mandated or employer approved. The program permits companies to remain in compliance within complex state and federal Family and Medical Leave Act (FMLA) and leave administration regulations. RSL LeaveManager is only available as an added value feature with the company’s long term disability coverage.
For the company’s employee benefits, products provided consist of group long term disability, group short term disability, group term life, group dental and vision, RSL SmartChoice, and business travel accident insurance. Its Absence Solutions include short term disability (STD) and long term disability (LTD) management, FMLA administration, Workers Compensation and absence management, as well as its RSL LeaveManager and RSL AdvantEDGE. It provides insured medical reimbursement including dental and eye care e-services and RSL BasicCare. Reliance Standard’s annuity products comprise the traditional ones such as multi-year and fixed index products.