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January 4, 2021

Cigna wraps $6.3B sale of life and disability division

Photo | Cigna Cigna's headquarters in Bloomfield.
By Matt Pilon

Bloomfield-based health insurer Cigna said it has completed the $6.3 billion sale of its group life, accident and disability insurance unit to buyer New York Life.

The deal, which transfers approximately 3,000 employees and over 9 million customers to New York Life, wrapped just over one year after it was first announced.

The former Cigna unit will now go by the name New York Life Group Benefit Solutions.

“This acquisition, the largest in our company’s history, reinforces our financial strength by generating capital that can contribute to our surplus, dividends, and earnings,” New York Life Chairman and CEO Ted Mathas said in a statement. “We are excited to welcome to New York Life our new employees and the millions of new customer relationships that we will gain through this milestone transaction. We look forward to building on our leading group benefit solutions market position in the years ahead.”
 

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