NU Online News Service, Dec. 16, 2003, 4:48 p.m. EST – Swiss Life Holding, Zurich, says it will stop selling new group insurance in the United Kingdom Jan. 1, 2004.[@@]
A U.K. unit of UnumProvident Corp., Chattanooga, Tenn., has agreed to reinsure Swiss Life’s existing group business in the United Kingdom, administer claims and serve multinational Swiss Life customers that have operations in the United Kingdom, Swiss Life says.
Swiss Life announced plans to withdraw from the U.K. market in July.
UnumProvident agreed in August to buy Swiss Life’s group business, but the companies called off the proposed deal because U.K. antitrust regulators began looking at it.
UnumProvident is already the biggest provider of group and individual disability insurance in the United Kingdom as well as in the United States.
UnumProvident and Swiss Life came up with the new proposal so that they can work together while taking into account the concerns of the antitrust officials, the companies say.