In September 2002, Swiss Life Group announced its intention to sell Swiss Life (UK) plc as part of a new strategy focusing on European country markets where it has a strong market share in the overall life business, including savings and protection. Swiss Life (UK), although a successful company, is a specialist protection provider and therefore no longer core to the Swiss Life Group.
Although a significant number of companies expressed an interest in Swiss Life (UK), unfortunately, none of them submitted an acceptable offer for the whole business. As a result the individual protection operation is now closed to new business, although Swiss Life (UK) continues to support its overseas partnerships.
Also in line with the Swiss Life Group strategy to withdraw from the UK market Swiss Life (UK) plc has now also closed to new group business. Following the withdrawal of the original proposal for UnumProvident to purchase Swiss Life (UK)’s group protection business, Swiss Life and UnumProvident have agreed a new arrangement, which takes into account the concerns raised by the Office of Fair Trading (OFT). Under the terms of the new arrangement, UnumProvident will administer and manage Swiss Life (UK)’s Group Income Protection claims portfolio and Swiss Life (UK) will also reinsure this portfolio to UnumProvident. The Group Income Protection claims will be administered by UnumProvident’s wholly owned subsidiary company, Claims Services International Ltd. In addition, UnumProvident will become a Swiss Life Network partner for servicing multi-national clients in the UK. The new arrangements will be effective from 1 January 2004.
This article was taken from Swiss Life Website 1/6/2004
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