Provident Cos. and Unum agree to merge; deal valued at $5.2 billion would unite leaders in disability insurance

Article Abstract:

The merger of Chattanooga-based Provident Cos. and Portland, Maine-based Unum in a $5.2 billion stock deal will create the country's biggest worker-disability insurance firm. The new company will call itself UnumProvident and will keep offices in both cities. Combined revenue will be $8.4 billion; investors and company officials were all enthusiastic about the financially positive merger. Earnings could rise by 10% the first year; it is anticipated savings will be $120 million to $130 million per year.

Acquisitions & mergers, Direct Health and Medical Insurance Carriers, Surety insurance, Income Loss Insurance, Mergers, acquisitions and divestments, Insurance industry, Abstract, Disability insurance, UNUM Corp., UNM, Provident Companies Inc., PVT

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State Farm units agree to settlement in class-action suit

Article Abstract:

State Farm Life Insurance Co. and State Farm Life & Accident Insurance Co. have reached an agreement for an estimated $200 million settlement in a class-action lawsuit. The suit claimed that State Farm agents undertook deceptive life-insurance sales practices. According to the suit, two State Farm agents improperly transferred policyholders from products for commission. The agents were accused of misrepresenting their products.

Comment:

State Farm Life Insurance Co. and State Farm Life & Accident Insurance Co. reach settlement of $200 mil in class-action suit

Legal issues & crime, Company Planning/Goals, Life Insurance, Direct Life Insurance Carriers, Legal/Government Regulation, Article, State Farm Life Insurance Co., State Farm Life and Accident Insurance Co.

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