Business Services Industry
UNUM, PROVIDENT JOIN IN $5.4 BILLION MERGER.
Business Insurance, November, 1998 by SOUTER, GAVIN
PORTLAND, Maine-The $5.43 billion merger of UNUM Corp. and Provident Cos. Inc. will create an insurer that is set to dominate the burgeoning disability insurance market, analysts say. With the combination of Portland, Maine-based UNUM's strong position in the group disability insurance market and Chattanooga, Tenn.-based Provident's strong position in the individual disability market, the merged company will be set to capitalize on numerous cross-selling opportunities, they say.
The merged company also will produce many cost savings that will create a formidable competitor for other disability insurers, analysts predict. However, the insurer still will need to succeed in its plans to penetrate new markets for the deal to reach its full potential, they...
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