CHATTANOOGA, Tenn. (March 1, 2007) – Unum Group (NYSE: UNM) today said it has completed the previously announced sale of its wholly owned subsidiary, GENEX Services, Inc., a leading worker’s compensation and medical cost containment services provider, to Trident IV, L.P., a fund managed by Stone Point Capital LLC, a global private equity firm based in Greenwich, Conn. The terms of the transaction were not disclosed.
Unum said the sale will not impact its customers and that it intends to continue to partner with GENEX to address its customer needs. “GENEX is an excellent company that creates value for its clients, and we expect to remain a customer,” said Thomas Watjen, president and chief executive officer. “The outstanding customer relationship we currently have with GENEX will remain unchanged.”
GENEX was reported as part of Unum’s discontinued operations in the company’s fourth quarter 2006 earnings release.
About Unum
Unum (www.unum.com), formerly UnumProvident, is one of the leading providers of employee benefits products and services, and the largest provider of group and individual disability income protection insurance in the United States and the United Kingdom. Through its subsidiaries, Unum Group insures more than 25 million people and provided $6.2 billion in total benefits to customers in 2006.
“Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Unum Group’s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the company's annual report or Form 10-K for the most recently ended fiscal year.
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