Analytics

Philadelphia — CIGNA Corp. is expanding into the small-group healthcare market with the announcement of its intention to pay $1.5 billion in cash for Great-West Healthcare, a deal that is expected to close during the first half of 2008, subject to regulatory approval. The Philadelphia-based carrier, whose CIGNA HealthCare business is based in Bloomfield, Conn., said it plans to fund the deal through cash and debt, and that it will also inject approximately $400 million of capital into its subsidiaries to support the acquired business.

Philadelphia — CIGNA Corp. is expanding into the small-group healthcare market with the announcement of its intention to pay $1.5 billion in cash for Great-West Healthcare, a deal that is expected to close during the first half of 2008, subject to regulatory approval. The Philadelphia-based carrier, whose CIGNA HealthCare business is based in Bloomfield, Conn., said it plans to fund the deal through cash and debt, and that it will also inject approximately $400 million of capital into its subsidiaries to support the acquired business.

Needham, Mass — While the insurance industry has not typically been known for leading in technological innovation, new TowerGroup Inc. research finds that rapid advancements in technology are poised to reshape the insurance landscape over the next five to 10 years.

Worcester, Mass. — The Premier Insurance Company of Massachusetts, an independent personal auto insurance subsidiary of The Travelers Companies Inc., will change its brand name to Travelers of Massachusetts.

Montreal, Quebec — Silanis Technology Inc., St. Laurent, Quebec, has joined the IBM ECM ValueNet Business Partner Program. The partnership was initiated to enable customers of both companies to combine ApproveIt, an electronic signature solution, with IBM's Enterprise Content Management solutions, to accelerate operations, improve service and reduce costs by keeping business processes electronic, Silanis says.

New York — New York Life Insurance Co. announced that Gary Wendlandt has been elected a director of New York Life with the title of vice chairman of the board. He was formerly senior executive VP – Finance and Investments, and chief investment officer. Wendlandt’s election brings the current number of New York Life board members to 13.

New York — Integro Insurance Brokers, a global insurance brokerage, announced the appointments of three national specialty practice leaders, effective immediately: Nicholas Conca (Private Equity), Anne Anderson (Real Estate) and William Goett (Financial Institutions).

New York — New York Life Insurance Co. announced that Patricia L. Barbari has been elected a senior VP in the Individual Policy Services (IPS) department reporting to Executive VP and Chief Administrative Officer Frank Boccio.

Mayfield Village, Ohio - In early September, The Progressive Group of Insurance Cos., based in Mayfield Village, Ohio, announced a reorganization designed to increase the company's ability to execute on key strategies, lower its non-claims expense ratio and foster growth through more competitive pricing, improved customer retention and an increased focus on brand development. The reorganization included combining its agency and direct businesses into a single personal lines organization.

State College, Pa. — Optical Image Technology Inc. (OIT), developer of DocFinity workflow and document management software, announced its strategic alliance with compliance content management solution provider Conexxus.