Deals
New York Life Swoops In With Rare $6.3 Billion Cigna Unit Deal
- Business offers life and disability coverage through employers
- Deal is latest for firms looking to revamp their business mix
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Ted Mathas says he took the market by surprise.
Never before had the chief executive officer of New York Life Insurance Co. struck a deal as big as the one announced Wednesday: a $6.3 billion acquisition of a Cigna Corp. unit that sells life and disability insurance. Large mergers and acquisitions are a rarity for New York Life, which operates as a mutual insurance company owned by its policyholders.