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.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
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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
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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