Business Services Industry
Chattanooga, Tenn.-based insurer's shares drop 10 percent.
Knight Ridder/Tribune Business News, October, 2004
By Mike Pare, Chattanooga Times/Free Press, Tenn. Knight Ridder/Tribune Business News
Oct. 20--UnumProvident Corp.'s shares fell nearly 10 percent Tuesday as the insurer announced it has received more subpoenas regarding a widening industry probe into broker compensation.
The Chattanooga-based company also said it is reviewing its compensation policies and will not enter into new agreements with brokers until its inquiry is complete.
"One of the keys to success in our business is building a trusted relationship among customers, brokers and insurance companies, and this past week that trust was questioned," Thomas R. Watjen, the firm's president and chief executive, said in a prepared statement.
Last week, New York Attorney...
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