Financial Services Industry
Industry: Email Alert RSS FeedLBO proposed by employees at Cigna unit. (leveraged buyout, Cigna's Individual Financial Services Division)
National Underwriter Property & Casualty-Risk & Benefits Management, January, 1989 by Piontek, Stephen
LBO Proposed By Employees At Cigna Unit An employee group has proposed a leveraged buyout of Cigna's Individual Financial Services Division. The buyout, if completed, would be one more step in Cigna's departure from the individual life business, which "has not been showing much earnings growth over the last two years," according to Gloria Vogel, associate director at Bear Stearns.
Over the last year Cigna has sold off its Horace Mann insurance companies and its Individual Insurance Products division which, along with IFSD, Cigna Re and Consumer Marketing constituted the Individual Financial Services segment. In a statement, Wilson H. Taylor, Cigna's president and CEO, said that the company had done a strategic analysis of its businesses and "determined...
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