Cigna sold its group life, accident and disability insurance business to New York Life in a $6.3 billion deal, according to a Dec. 31 news release.
Five things to know:
1. New York Life Chair and CEO Ted Mathas said the deal is the largest in the company's history.
2. The deal adds about 3,000 employees and more than 9 million customers to New York Life's portfolio.
3. The business line will be rebranded to New York Life Group Benefit Solutions.
4. In addition to the sale, New York Life and Cigna agreed to a multiyear collaboration on group benefit solutions.
5. The deal was first announced in December 2019.
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