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BUSINESS
November 24, 1998
Unum Corp. is acquiring Provident Cos. in a $4.75-billion stock swap that would create the largest U.S. provider of disability income insurance, the companies said. Portland, Maine-based Unum already is the top provider to groups of insurance that covers loss of income from illness or injury. Provident, based in Chattanooga, Tenn., is the biggest seller of such coverage to individuals. The combined company, to be named UnumProvident, would have annual revenue of about $8.43 billion.
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BUSINESS
November 24, 1998
Unum Corp. is acquiring Provident Cos. in a $4.75-billion stock swap that would create the largest U.S. provider of disability income insurance, the companies said. Portland, Maine-based Unum already is the top provider to groups of insurance that covers loss of income from illness or injury. Provident, based in Chattanooga, Tenn., is the biggest seller of such coverage to individuals. The combined company, to be named UnumProvident, would have annual revenue of about $8.43 billion.
BUSINESS
October 31, 1995
Zenith National Insurance Corp. in Woodland Hills said it was unable to reach agreement with U.S. Healthcare on a previously announced plan to form a new company to provide 24-hour managed-care products. However, Zenith said it would continue to expand its so-called SinglePoint alliance with another partner, Unum Corp., in California and other areas.
BUSINESS
December 6, 1991 | From Times Staff and Wire Reports
Amex Life Insurance Unit for Sale: American Express Co. is negotiating to sell its life insurance business for as much as $500 million as it seeks to build capital after big problems in its Optima credit-card division. The proposed sale of Amex Life Assurance Co., which has $1 billion in assets and reported $59 million in profit last year, is part of the company's recent effort to focus on its main credit-card and travel businesses.
BUSINESS
March 25, 2003 | From Bloomberg News
UnumProvident Corp. reduced its earnings for the last three years by $29.1 million to resolve a regulatory review of the disability insurer's junk-bond holdings. The restatement will increase 2002 profit by $34.2 million and cut 2001 and 2000 earnings by a total of $63.3 million. The restatement clears the way for the Securities and Exchange Commission to approve the company's request to sell shares and shore up its capital, analysts said.
BUSINESS
May 14, 2005 | From Bloomberg News
Financier Carl Icahn disclosed that his hedge funds bought stock in 12 companies, including more than 5 million shares of Time Warner Inc. and 10 million shares of Rite Aid Corp. Icahn Management, the partnership that runs the hedge funds, also reported ownership of 4.5 million shares in Siebel Systems Inc. and 1.9 million shares in UnumProvident Corp. as of March 31. The holdings were listed in a Securities and Exchange Commission filing. The hedge funds, Icahn Partners and Icahn Fund Ltd.
BUSINESS
April 30, 2003 | From Bloomberg News
UnumProvident Corp., the largest U.S. disability insurer, must defend itself against a suit accusing the company of systematically denying claims for long-term disability insurance by people too sick or injured to work, a U.S. district judge in New York said. The Chattanooga, Tenn.-based company is accused in the class-action suit of violating its duty under federal insurance laws by paying bonuses to its workers based on the number of claims they deny. UnumProvident did not comment.
BUSINESS
December 5, 2000 | Brad Berton
A real estate investment fund advised by J.P. Morgan Investment Management has closed its purchase of the Los Angeles area's first speculative high-rise office tower built in nearly a decade: the 24-story Glendale Plaza in downtown Glendale. Co-developers PacTen Partners and Morgan Stanley Real Estate Funds are thought to have sold the property to the J.P. Morgan fund for nearly $130 million. The project's estimated development cost exceeded $100 million.
NATIONAL
August 21, 2005 | Peter G. Gosselin, Times Staff Writer
Until a few years ago, Debra Potter made sure that her family could cruise the Caribbean, watch the NFL on big-screen TV and keep her elderly mother and in-laws at home in comfort. She did so by earning $250,000 a year selling more insurance than almost anybody else in the state of Virginia, virtually all of it disability and health policies that she thought put a safety net under middle-class and affluent families such as her own.
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