Three insurance companies receive awards for community investments
News: 2014 Press Release
SACRAMENTO, Calif. - Three insurance companies that made the most investments in California's underserved communities received leadership awards presented by Commissioner Dave Jones during the California Organized Investment Network's (COIN) inaugural Investment Summit held at the Federal Reserve Bank of San Francisco on September 17, 2014.
The leadership awards were presented to the following insurance groups:
- MetLife for holding the most COIN qualified holdings in 2012. Michael Hickey, MetLife's Government Relations Counsel and a member of the COIN Advisory Board, accepted the leadership award on behalf of MetLife.
- New York Life for the greatest percent increase in COIN qualified holdings from 2009 to 2012. Kirk Kniss, Senior Director and Head of West Coast Commercial Mortgage Production for New York Life accepted the award on behalf of New York Life.
- Northwestern Mutual for holding the most 2012 COIN qualified High Impact investments. Jerry Baier, a retired consultant with 38 years of experience with the group, accepted the award on behalf of Northwestern Mutual.
"California is home to over 200 insurers companies that write more than $100 billion in annual premiums," said Commissioner Jones. "MetLife, New York Life and Northwest Mutual are leaders in directing their capital to impact investments in California."
The awards were based on results from the 2014 COIN Community Investment Survey (CIS) data call. The COIN program guides insurers on making sound investments that yield environmental or social benefits in the California's underserved communities.
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- COIN conducts the CIS data call to bring transparency to the amount of capital that insurers held in California community development investments, including high impact, community infrastructure, green, and rural investments. For the CIS 2014 Data Call, insurers reported investments held between 2009 and 2012. Insurers held $5.4 billion in COIN Qualified Investments in 2009 and these holdings increased to $9.1 billion in 2012.
- The results for each of the top 207 insurance companies in California, along with a summary and analysis, are available on the web at www.insurance.ca.gov/COIN.
- For more information about the COIN Program, visit: http://www.insurance.ca.gov/0250-insurers/0700-coin/Index.cfm.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.4357. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.