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New York Life could become major underwriter in group disability, AD&D

A New York Life Insurance Co. acquisition of Cigna Corp.'s nonhealth business would make the New York insurer a major underwriter in certain group product lines.

The Wall Street Journal reported that New York Life is leading the race for the Cigna operations, in a deal that could be valued up to $6 billion. MetLife Inc. and Sun Life Financial Inc. are also among potential suitors for the business, according to the report.

Based on 2018 annual regulatory data, Cigna was one of the largest underwriters of group life insurance; long- and short-term disability insurance; and accidental death and dismemberment, or AD&D, insurance during the year. Cigna's Life Insurance Co. of North America unit underwrites the vast majority of the premiums in those nonhealth lines of business.

New York Life, on the other hand, was outside the top 10 writers in all lines except for group life in 2018. However, on a pro forma basis, a combined Cigna-New York Life entity would be the second-largest underwriter of short- and long-term disability and AD&D, based on 2018 earned premiums. It would be surpassed only by the combined premiums of $2.91 billion for Unum Group.

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