Ameritas Life Insurance Corp. acquires UNUM dental business in $22.4 million transaction; UNUM Life Insurance Company of America to concentrate on core competencies.LINCOLN, Neb.--(BUSINESS WIRE)--Sept. 11, 1995--Ameritas Life Insurance Corp., one of the nation's leading providers of dental plans and services, Monday announced that it has signed a reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. agreement under which the dental business of UNUM Life Insurance Company of America (NYSE NYSE See: New York Stock Exchange :UNM UNM University of New Mexico UNM UnumProvident Corporation UNM Under New Management UNM United Nations Medal UNM User Name Mapping ) will transition to Ameritas in a transaction totaling more than $22.4 million in premium and premium equivilent. "Our dental line is a core business for Ameritas, and we're extremely pleased to be working with a fine organization such as UNUM," said Larry Arth, chairman and chief executive officer of Ameritas Life Insurance Corp. "For three decades we've been providing dental customers outstanding service and products, and we feel that UNUM made an excellent choice in deciding to transition their dental customers to Ameritas." Ameritas' dental line provides dental coverage for more than 1.5 million Americans. A recent customer service benchmark study conducted by The Gallup Organization, Inc. ranked Ameritas as "Excellent" for courtesy, efficient communication, understanding of customers' inquiries and delivering as promised. Dental business is a core product line for Ameritas, which was founded in 1887 as Banker's Life Nebraska. "As one of the leaders in dental products and services, it is a privilege to work with the leader in disability income coverage," said Dave Moore Dave Moore is an English name which may refer to:
James F. Orr III, chairman and chief executive officer of UNUM Corporation expressed his thoughts concerning the agreement. "This decision reflects our continuing efforts to sharpen the focus of our operations and make the best use of our capital and other resources," he said. "We believe our dental customers' policies will be in the most capable of hands with Ameritas. The strong service and flexibility Ameritas offers will help assure that each customer is completely satisfied with the new plan. Our aim is to make the transfer as smooth as possible for our customers." The terms of the agreement were not disclosed, but the effective date for the transaction is Nov. 1, 1995. Ameritas Life Insurance Corp. and its insurance subsidiaries provide individual life and annuity products, group dental insurance Dental insurance is insurance designed to pay the costs associated with dental care. Dental insurance pays a portion of the bills from dentists, hospitals, and other providers of dental services. and pensions to customers nationwide. During its 108-year history, Ameritas, a mutual insurance company, has received excellent ratings from leading independent industry analysts. Based in Lincoln, Neb., Ameritas Life Insurance Corp. has assets of more than $2.3 billion with more than $8 billion of insurance in force. The company's group dental coverage is sold through more than 37,000 agents and brokers in 49 states with dental premium totaling $200 million. In New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , the company provides dental coverage through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Ameritas Bankers Assurance Company. UNUM Life Insurance Company of America is an affiliate of UNUM Corporation, the nation's leading provider of disability insurance products and services and a provider of employee benefits, long term care and retirement products. UNUM Corporation also markets special risk products and is a leading reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. of long term disability and other specialty insurance business. UNUM and its affiliates have offices in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Canada, the United Kingdom, and the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . CONTACT: Hadeler White PR, Dallas Christy Doering, 214/776-8006 or Amy Fischer, 214/776-8005 or Ameritas Life Insurance Corp. D. Doc Chaves, 402/467-7432 or Melinda Morgan, 402/467-7446 |
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