NU Online News Service, Feb. 3, 2004, 5:37 p.m. EST – UnumProvident Corp., Chattanooga, Tenn., is reducing its stake in a property-casualty insurer in Argentina.[@@]
The company is putting the assets of Boston Compania Argentina de Seguros S.A. and a Boston Compania sister company, Fibos S.A., in a new holding company, Unum Latin America Holdings S.A.
UnumProvident will end up owning only 40% of Unum Latin, and new investors will be contributing $3.5 million in new capital to the operation, UnumProvident says. One of UnumProvident’s predecessor companies paid $11 million for a 71% stake in Boston Compania in 1997.