UnumProvident plans under fire from Competition Competition

As reported in COVER's mid-November news bulletin, UnumProvident's plans to take over Swiss Life UK's employee benefits business have been put on hold following the Office of Fair Trading's (OFT) decision to refer the proposed acquisition to the Competition Commission (CC). The decision to involve the CC follows the OFT's fear that the merger would result in a significant reduction in competition in the group employee benefits market, therefore limiting choice for consumers. UnumProvident's chairperson and managing director Susan Ring admitted the insurer was disappointed with the OFT's...