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January 05, 2021 at 10:09 AM
New York Life Insurance Company has completed a $6.3 billion acquisition of Cigna’s group life, accident and disability insurance business.
It has renamed the business New York Life Group Life Benefit Solutions, and started promoting the unit as part of New York Life on social media.
Craig DeSanto, president of New York Life, said in a video posted on Twitter Monday that the company is especially interested in getting into the group disability insurance market.
“Disability income insurance is valuable to all Americans,” DeSanto said. “Adding it to our portfolio significantly enhances our ability to deliver peace of mind.”
(Related: New York Life Makes $6.3 Billion Deal for Cigna Group Life and Disability Unit)
New York Life first announced the deal in December 2019.
Cigna is getting cash it can use to pay down debt left over from the acquisition of Express Scripts, a large pharmacy benefits manager.
