City of Binghamton Declares Week of September 14 “Security Mutual Week”

(Binghamton, NY • September 14, 2009) At a press conference on Monday, September 14, Binghamton Mayor Matthew Ryan officially declared the week of September 14 “Security Mutual Week.”  The mayor made the proclamation in recognition of Security Mutual’s many contributions to the Greater Binghamton area, including the company’s commitment to downtown Binghamton.  During Security Mutual Week, the company hosts an advanced educational conference in Binghamton, with about 200 of the company’s field associates from across the United States in town for the three-day conference.

“This is one of our most important meetings of the year, and we are proud to be hosting it for the 13th consecutive year in Binghamton, our home city,” said Security Mutual Life Chairman, President and Chief Executive Officer Bruce W. Boyea. “We are also proud of our field associates, who are continually adding to the knowledge they need to help our clients plan a secure future.  This year’s meeting will focus on life insurance as the strong, stable financial foundation from which our clients can build.  The advanced planning concepts we are presenting are extremely important, and especially so given the current economic uncertainties.”

In addition to providing advanced training for its field associates, Security Mutual also uses this time of year to give something back to the community.  Leading into Security Mutual Week 2009 was the 8th Annual “Jim ‘Mudcat’ Grant All-Star Golf Tournament,” presented on September 10 by Security Mutual and The Black Aces (the African-American major league baseball pitchers who won 20 or more games in a single season).  Proceeds from the tournament go to the Broome County Urban League, the Boys & Girls Clubs of Binghamton, Catholic Charities of Broome County, and the Community Hunger Outreach Warehouse (C.H.O.W.). 

“The All-Star Golf Tournament is just one of the many ways Security Mutual says ‘thank you’ to this community for its continued support of our company,” said Boyea.  “We are also extremely proud of Security Mutual’s 300 employees, who personally lend their energy and support throughout the year to helping organizations right here in our own community.  Some of the organizations that our employees consistently support include Catholic Charities,CHOW, the United Way, local hospitals, the American Red Cross, the American Cancer Society, the American Heart Association and many others.”

During Security Mutual Week, the company’s flag will once again be flying over Binghamton City Hall and along Court Street, and Court Street’s median strip will be painted blue—Security Mutual’s corporate color.

A.M. Best Affirms Security Mutual’s A (Excellent) Rating

(Binghamton, NY • May 27, 2009) A.M. Best announced on May 26 that it has affirmed Security Mutual’s financial strength rating of A (Excellent). The rating agency also announced that it has changed the outlook of the rating to negative. These announcements come at a time of unprecedented volatility in the world’s financial markets. As a consequence, A.M. Best and all of the major rating agencies view the outlook for the life insurance industry as a whole as negative.

In its rating announcement, A.M. Best complimented Security Mutual on its consistent statutory operating results over the past four years, strong presence within the upscale traditional life insurance market niche, growing worksite whole life business segment, and prudent risk management practices. A.M. Best also cited the volatile marketplace conditions, noting these conditions have pressured the operations of all insurance companies, including Security Mutual. We are pleased to say that due to our conservative management philosophy, we have either avoided or experienced minimal impact from many of the issues that have caused problems in the industry.

Security Mutual’s long-standing tradition of conservative management, including in the investment and financial areas, has stood us well over our 123-year history. The rating agencies have commented favorably on our commitment to maintaining strong capital and liquidity, noting that our investment portfolio has long been composed almost entirely of bonds that are investment grade and commercial mortgages with virtually no delinquencies.

Over our history, we have always met our contractual obligations to our policyholders. Further, we have paid dividends for 117 consecutive years, and A.M. Best has complimented us on this commitment to our policyholders. Even during the most challenging financial periods in history, Security Mutual has delivered the financial protection it has promised.

These are the qualities people need in their life insurance company and behind their financial plans for the future. Life is filled with uncertainty, and with over a century of experience, we at Security Mutual know the importance of protecting people and their families against life’s uncertainties. That is our purpose: to be there for our policyholders when they need us, whether it’s today, tomorrow or many years from now.

New Corporate Opportunities Page Now Available

(Binghamton, NY • April 29, 2009) Security Mutual is pleased to introduce a new Corporate Opportunities page on the Security Mutual website. The new page lists open corporate positions and gives applicants the ability to apply online. This enhancement provides applicants with greater accessibility to job information and increased efficiency in applying for open positions. In addition to the job postings, the page includes the mission of Security Mutual, demonstrating the advantages of working for an established company. Click here to access the new Corporate Opportunities page.

Security Mutual Featured in
New York State History Book

(Binghamton, NY • November 13, 2008) Security Mutual is one of the successful New York State businesses to be featured in a soon-to-be published history book of New York State. The book—New York State: Gateway to America—is expected to be available beginning in November and will be widely distributed through chain, independent and Internet booksellers, gift stores, museums and other retail venues. It will also be included in library collections worldwide. Security Mutual is included in the chapter titled “Chronicles of Leadership,” which tells the stories of the New York-based people and institutions that are an integral part of the history—as well as the future—of New York State. For an electronic copy of the article, please click here.