CHATTANOOGA, Tenn - UnumProvident Corporation announced today that its insurance subsidiary in the United Kingdom, Unum Limited, has reached a new arrangement with the Swiss
Life Group regarding its UK group risks business. Under the terms of the new proposal, Unum Limited will become responsible for the ongoing administration and management of Swiss Life (UK)'s group income protection claims portfolio, and Swiss Life (UK) will also reinsure this portfolio to Unum Limited. Unum Limited will also become a Multi-National Pooling partner for Swiss Life in the UK.
On August 15, 2003, the companies originally announced an agreement whereby Unum Limited would acquire the group risks business from Swiss Life (UK). This agreement was terminated in light of a referral to the Competition Commission by the Office of Fair Trading. The companies had continued to explore opportunities to work together to meet the needs and expectations of customers and other stakeholders, while taking into account the concerns expressed by the Office of Fair Trading.
The arrangement will be effective January 1, 2004.
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