NYL acquires Cigna unit (Bloomberg) -- Ted Mathas says he took the market by surprise. Never before had the chief executive officer of New York Life Insurance Co. struck a deal as big as the one announced Wednesday: a $6.3 billion acquisition of a Cigna Corp. unit that sells life and disability insurance. Large mergers and acquisitions are a rarity for New York Life, which operates as a mutual insurance company owned by its policyholders. “We are not a big M&A shop, and because this is not something others saw coming we were able to remain in the process,” Mathas said in a phone interview. “We kind of snuck up and were able to pay a very fair price.” After almost a decade of low...
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This Nov. 26, 2018, file photo shows the Cigna Corp., logo at the headquarters of the health insurer in Philadelphia. (AP Photo) New York Life will spend more than $6 billion in cash to acquire the group life and disability coverage business of the insurer Cigna. New York Life said Wednesday that the deal will add millions of customers to its business. Cigna Corp. gets a significant amount of cash that it will use to buy back stock and pare its debt, among other things. New York Life has been in the life insurance business for more than 174 years, making it one of the nation’s oldest. The company is owned by policy holders and does not trade publicly. The deal is expected to close in next...
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On a global scale, the Fire Insurance market is currently showing significant development. The Fire Insurance market is experiencing a massive growth velocity due to the new product prototype versions, global market dynamics, economic statistics, topological variations, and product sales and demands that is taking place in the present day. The innovative methods and market study have helped many of the major players Allianz, AXA, Nippon Life Insurance, American Intl. Group, Aviva, Assicurazioni Generali, Cardinal Health, State Farm Insurance, Dai-ichi Mutual Life Insurance, Munich Re Group, Zurich Financial Services, Prudential, Asahi Mutual Life Insurance, Sumitomo Life Insurance,...
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Healthcare Insurance Market Impressive Gains including key players: Allianz,AXA,Nippon Life Insurance,American Intl. Group,Aviva,Assicurazioni Generali,Cardinal Health Healthcare Insurance Market basics: definitions, classifications, applications and market overview; product specifications; manufacturing processes; cost structures, raw materials and so on. Then it analyzed the world’s main region market conditions, including the product price, profit, capacity, production, supply, demand and market growth rate and forecast etc. In the end, the report introduced new project SWOT analysis, investment feasibility analysis, and investment return analysis. The report provides a basic...
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Opened in 1898, the Clock Tower Building was one of the many gilded wonders created in Manhattan by the architectural team of McKim, Mead & White. It was capped, as the name suggests, with a beautiful mechanical clock, the city’s largest, with “more than a dozen gears, ranging in diameter from a half inch to two feet…attached to a hammer that hourly strikes a 5,000-pound bronze bell.” The home office of New York Life Insurance Company until they moved uptown in 1927 to their new headquarters in Madison Square, the building housed other offices until it was purchased by New York City in 1967 for use by various municipal agencies and courts. But by the 1970s the clock tower itself, if not...
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The hidden links between slavery and Wall Street Share this with Facebook Share this with Messenger Share this with Facebook Share this with WhatsApp Share this with Messenger Image caption A tour group photographs a sign marking the location of New York City's slave market This month marks 400 years since enslaved Africans were first brought to what is now the United States of America. Slavery was officially abolished in the US in 1865, but historians say the legacy of slavery cannot be untangled from its economic impact. On a hot August day, 25 people are gathered around a small commemorative sign in New York's financial district. Their tour guide explains that this was the site of...
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CNO Financial hires Karen DeToro as Chief Actuary CNO Financial Group, Inc. has recruited Karen DeToro from New York Life as its new Chief Actuary, effective from September 30, 2019. At New York Life, DeToro held a number of executive leadership positions in finance operations, product development, underwriting, strategy, and governance. Her previous roles at the company included Vice President and Chief Actuary of New York Life Direct. Prior to this she was a principal at Deloitte Consulting and served as practice leader for its Insurance ERM and Actuarial Transformation group. Additionally, she has also held actuarial roles at both Allstate Financial and Ernst & Young. In her new role...
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Fire Insurance Markets 2019 Global Industry Research Report provides market size, industry growth, share, development trends, investment plans, business ideas and forecasts by 2024. Scenarios and useful business report includes a first-hand study of subjective comprehensive research and quantitative perspectives of key family pioneers for an in-depth understanding of other industry experts, markets and industry practices. The report provides a reasonable picture of the current market situation, including true and expected market estimates in terms of respect and volume of trade, technological advances, macroeconomic and governance factors. Top Manufacturers profiled in the report are:...
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2019 Whole Life Insurance Dividend Announcements It's November and that means it's time for most major U.S. life insurer who have any significant focus on whole life insurance sales to announce anticipated dividends for next year. We've already heard from a few life insurers and we are awaiting announcements from the others. We figured we'd take a moment to discuss what these announcements mean, as well as offer up some commentary on the state of whole life insurance dividends going into 2019. How Life Insurance Dividends Work, a Quick Review As many of you already probably know, whole life insurance dividends come from three primary considerations for the life insurer: Investment...
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DVI develops reliable transport infrastructure to support a myriad of applications in the Insurance industry. New York Life (NYL) formed NYLCare, a wholly owned subsidiary providing health care and employee benefits to millions of people nationwide. NYLCare was created from two NYL divisions – Group Operations and Sanus Corp. Health Systems. In order to affect the merger and establish a cohesive operation, NYL needed to house the formerly separate divisions in one office, develop an integrated network of information and communication systems, and establish a common repository of information resources. To accomplish this, NYL asked DVI Communications to support the establishment of...
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