M&A Deal Summary

New York Life Insurance Company Acquires Cigna - Group Life and Disability Insurance Business

On December 18, 2019, New York Life Insurance Company acquired insurance company Cigna - Group Life and Disability Insurance Business from Cigna for 6.3B USD

Acquisition Highlights
  • This is New York Life Insurance Company’s 1st transaction in the Insurance sector.
  • This is New York Life Insurance Company’s largest (disclosed) transaction.
  • This is New York Life Insurance Company’s 2nd transaction in the United States.
  • This is New York Life Insurance Company’s 1st transaction in Connecticut.

M&A Deal Summary

Date 2019-12-18
Target Cigna - Group Life and Disability Insurance Business
Sector Insurance
Buyer(s) New York Life Insurance Company
Sellers(s) Cigna
Deal Type Divestiture
Deal Value 6.3B USD

Target

Cigna - Group Life and Disability Insurance Business

Bloomfield, Connecticut, United States
Cigna Corp.'s Group Life and Disability Insurance Business is a provider of insurance service in Bloomfield, Connecticut.

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Buyer(S) 1

Buyer

New York Life Insurance Company

New York, New York, United States

website


Category Company
Founded 1845
Sector Insurance
Employees12,000
DESCRIPTION

New York Life Insurance Company is a US mutual-life insurance company. New York Life was formed in 1845 and is based in New York City.


DEAL STATS #
Overall 4 of 4
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 1
State (Connecticut) 1 of 1
Country (United States) 2 of 2
Year (2019) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-04 Credit Value Partners

New York, New York, United States

Credit Value Partners LP is a specialist boutique with opportunistic and distressed debt and high yield corporate credit investing capabilities.

Buy -

Seller(S) 1

SELLER

Cigna

Bloomfield, Connecticut, United States

website


Category Company
Founded 1792
Sector Healthcare Services
Employees70,325
Revenue 195.2B USD (2023)
DESCRIPTION
Cigna office in Pittsburgh, Pennsylvania.
Cigna office in Pittsburgh, Pennsylvania.

Cigna is a health services organization. Its insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance. Cigna dates back to 1792 and is based in Bloomfield, Connecticut.


DEAL STATS #
Overall 1 of 4
Sector (Insurance) 1 of 1
Type (Divestiture) 1 of 4
State (Connecticut) 1 of 2
Country (United States) 1 of 3
Year (2019) 1 of 1
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-08 Express Scripts Holding

St. Louis, Missouri, United States

Express Scripts Holding Co. is a provider of integrated pharmacy-benefit management services. Services include network-pharmacy claims processing, home delivery, specialty benefit management, benefit-design consultation, drug-utilization review, formulary management, and medical and drug data analysis services. Express Scripts Holding Co. was formed in 1986 and is based in St. Louis, Missouri.

Buy $67.0B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-22 Cigna - Texas Medicaid & Medicare-Medicaid Plan Contracts

Texas, United States

Cigna’s Texas Medicaid Contracts provides managed healthcare services.

Sell $60M