NU Online News Service, Nov. 19, 2004, 3:43 p.m. EST
The recently proposed package of long-term disability claims settlement agreements could be good for UnumProvident Corp., Chattanooga, Tenn.[@@]
Analysts at Standard & Poor’s Ratings Services, New York, give that assessment in a comment on the package announcement.
S&P has assigned UnumProvident a BB minus credit rating.
UnumProvident, the dominant player in the U.S. disability insurance market, said Thursday it has agreed with a group that includes 4 state insurance regulators and officials from the U.S. Department of Labor to pay $15 million in fines. The company also has agreed to spend about $112 million more to reassess 215,000 old LTD claims and beef up benefits for many claimants.