GREENSBORO, N.C.- Jefferson-Pilot Corporation today announced it has completed the integration of the U.S. group life, disability and dental business of The Canada Life Assurance Company with its group insurance operation, Jefferson Pilot Benefit Partners, based in Omaha, Neb.
The acquisition, which was announced last January, positions Jefferson Pilot with more than $1 billion of group life, disability and dental insurance premium. Jefferson Pilot now ranks tenth in new sales of group life insurance, and sixth in both long-term and short-term disability insurance sales, based on the second quarter 2004 LIMRA rankings.
Jefferson Pilot Benefit Partners President Robert D. Bates said the Canada Life business has been transitioned to Jefferson Pilot's platform ahead of schedule and the acquisition provides Benefit Partners with enhanced distribution and presence in the marketplace.
"Our vision is to be a market leader in profit, growth, customer satisfaction and market presence in group insurance. This acquisition was intended to help Jefferson Pilot achieve our near-term objective of increasing distribution and manufacturing scale and we have already begun to see those results. The Canada Life distribution network has blended nicely with Benefit Partners' footprint throughout the country and has accelerated our planned expansion into new markets, such as New York. We have found the marketplace to be receptive of Jefferson Pilot's business model, product portfolio and strong financial ratings," Bates said.
"For Canada Life customers, the completion of the integration means all group life, disability and dental insurance policies have been transitioned to Jefferson Pilot's business platform," said Sandra Callahan, Senior Vice President-Customer Loyalty for Jefferson Pilot Benefit Partners.
"Policyholders now have access to our products and excellent customer support services, all backed by Jefferson Pilot's exceptional financial strength. Our JET Claims Services, for example, provide prompt and accurate processing and payment of claims and we provide policyholders the options and flexibility to decide how they want to manage their insurance and to submit claims as they prefer - on-line, via the telephone, or through traditional paper submission," Callahan said.
"For employers, completion of the integration means they also can enjoy the added capabilities that Jefferson Pilot's business and technology platform provides, including real-time, on-line services that dramatically reduce the expense, time and administrative burdens long associated with managing voluntary group benefits."
As part of the acquisition, Jefferson Pilot Benefit Partners has expanded its underwriting and claims payment operations with the addition of an Atlanta service center that will support brokers, employers and policyholders.
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