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Analysts Dismiss Insurer Takeover Rumors

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UnumProvident Corp. watchers in the New York office of Fox-Pitt, Kelton say the Oct. 13 acquisition speculation was probably overblown.

The price of shares issued by UnumProvident, Chattanooga, Tenn., rose 13% in one day because of the takeover talk.

But one company mentioned by the rumormongers, Sun Life Financial Inc., Toronto, appears to be busy addressing compliance matters, and the other company mentioned, Great-West Life & Annuity Insurance Company, Greenwood Village, Colo., a unit of Power Corp. of America, Montreal, seems to be interested mainly in acquiring health plan benefit administrators, the analysts write in a comment on the rumors.