New York Life to acquire Cigna group life business

New York Life and Cigna announced recently that they have entered into a definitive agreement whereby New York Life will acquire Cigna’s group life and disability insurance business for USD6.3 billion. The acquisition is expected to close in the third quarter of 2020, subject to applicable regulatory approvals and other customary closing conditions.

“This transaction increases the value we can deliver to our policy owners, strengthens our well-defined business model, and adds millions of customers to the New York Life family,” said New York Life chairman and CEO Ted Mathas. “Cigna’s group life and disability business enhances our portfolio of strategic businesses and is led by an experienced management team and high-quality workforce, who we look forward to welcoming to our company. We are fully committed to making this transition as seamless as possible for employees and clients alike.”

“We are proud of what we have achieved in our life and disability business, and the world-class team that powers it. We are confident that clients and customers, including the many who also receive health and related benefits through Cigna, will continue to enjoy the high-quality benefits solutions and service for which this business is known,” said Matt Manders, Cigna’s president of Strategy and Solutions.