Aetna International Sells Canadian Operations to Maritime Life.HARTFORD, Conn.--(BUSINESS WIRE)--April 19, 1999-- Aetna International, Inc., the international subsidiary of Aetna (NYSE NYSE See: New York Stock Exchange :AET AET Aetna, Inc. AET After Extra Time AET Actual Evapotranspiration AET Alliance for Environmental Technology AET Alpha-Ethyltryptamine AET Applied Extrusion Technologies, Inc. ) has agreed to sell its Canadian operations to The Maritime Life The Maritime Life Assurance Company was a Canadian insurance company based in Halifax, Nova Scotia. It was founded in 1922 and in 2004 it became fully integrated with Manulife Financial, with the Maritime Life brand being retired. In 2004 it employed 2700 employees. Assurance Company for approximately US$300 million in cash under a definitive agreement announced today. The sale of Aetna Canada includes the company's three business units: Individual Insurance Division; Employee Benefit Services and Equinox equinox (ē`kwĭnŏks), either of two points on the celestial sphere where the ecliptic and the celestial equator intersect. The vernal equinox, also known as "the first point of Aries," is the point at which the sun appears to cross the Financial Group Inc. The transaction is subject to regulatory approvals and other customary conditions and is expected to close in the Fall of this year. The capital gain or loss on the transaction is not expected to be material to Aetna. "The sale of Aetna International's Canadian-based business is consistent with our strategy of focusing our business on the high-growth potential of the world's emerging markets," said Aetna International President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Frederick C. Copeland, Jr. "Emerging markets have economic and demographic profiles that make them attractive business opportunities for us, and we expect to continue to focus on these markets to grow our international business." "Aetna and Maritime Life plan to work together to make this a very smooth transition for our customers, agents and employees," said Copeland. "The quality of our Canadian business Canadian Business is the longest-publishing business magazine in Canada. It was founded in 1928 as The Commerce of the Nation, the organ of the Canadian Chamber of Commerce. The magazine was renamed Canadian Business in 1933. and its employees was especially attractive to Maritime Life, and we are pleased that they plan to maintain a strong presence in Toronto where our Canadian operations are based." Maritime Life, based in Halifax, Nova Scotia For other uses, see Halifax. Halifax, Nova Scotia may refer to any of the following:
Aetna International is a leading provider of life and health insurance, financial services and pension products in emerging markets, primarily in Latin America and the Asia Pacific region. Aetna International is a subsidiary of Aetna, which provides nearly 35 million people worldwide with quality products, services and information that help them manage what matters most: their health and financial well-being. Aetna's Web site address is www.aetna.com. |
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