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| CHANGE
WALNUT CREEK, Calif., October 15, 2014 –
CSAA Insurance Group was recognized for its responsible investing practices by the California Organized Investment Network (COIN) Program at an event during the COIN Inaugural Investment Summit held at the Federal Reserve Bank of San Francisco on September 17th.
The company received a certificate acknowledging its $10.7 million investment in Enterprise Community Investment, Inc. A real estate investment services company, Enterprise provides development capital for affordable housing and community development projects.
“As a company that truly cares about the communities where we do business, CSAA Insurance Group is proud to invest in businesses like Enterprise,” said Diane Giampaoli, CSAA Insurance Group tax executive. “Its work goes far towards improving the lives of people not only in California but across the nation as well.”
Created in 1996, COIN is a public/private partnership between the California Department of Insurance, the insurance industry, state government leaders, and community development organizations. It helps address unmet capital needs in low-income communities by encouraging insurer investments in these communities. The program also certifies tax credits for some of these investments through its Community Development Financial Institution Tax Credit and Certification Program. CSAA Insurance Group received a $2.1 million tax credit for its investment in Enterprise Community Investment, Inc.
“I want to thank CSAA Insurance Group for dedicating part of their investment portfolios to support these important community investments,” said California Insurance Commissioner Dave Jones. “Being a socially-responsible insurance company is meaningful to the regions they serve.”
CSAA Insurance Group, a AAA Insurer, offers automobile, homeowners, and other personal lines of insurance to AAA members through partnerships with AAA clubs. Celebrating its 100th anniversary in 2014, CSAA Insurance Group is rated A+ by A.M. Best and is one of the top 20 personal lines property casualty insurance groups in the United States according to the National Association of Insurance Commissioners.