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UnumProvident Announces Subpoena

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A large disability insurer says the U.S. Securities and Exchange Commission is asking for information about certain reinsurance arrangements.

UnumProvident Corp., Chattanooga, Tenn., says in its Form 10-K annual report that it received a subpoena, or request for information, from the SEC March 29.

The subpoena seeks “information regarding certain reinsurance transactions and transactions regarding “nontraditional products” entered into after Jan. 1, 2002,” UnumProvident says in the 10-K. “We are cooperating fully with the SEC in its investigation.”

“We are surprised management did not disclose this either in its earnings release or on the call with analysts,” insurance analysts at Fox-Pitt, Kelton, New York, write in a research note.


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