Cigna and Sun Life Financial announce new agreement to serve employers that self-fund medical plans and work with Third Party Administrators
WELLESLEY, Mass. (November 16, 2011) – The Employee Benefits Group division of the U.S. Business Group of Sun Life Financial Inc. (NYSE: SLF, TSX: SLF) announced today a business agreement with Cigna where Sun Life Financial will market its stop-loss insurance through Cigna Payer Solutions' third party administrator (TPA) relationships. Cigna Payer Solutions connects participating TPAs to a network with more than 660,000 quality health care professionals and 5,100 hospitals.
Now, any employer or plan sponsor that is a client of a TPA contracted with Cigna Payer Solutions will have access to the breadth of Cigna's health services, combined with Sun Life Financial's expertise in stop-loss insurance.
According to Jeff Terrill, President Cigna Emerging Markets, "This agreement marks another milestone for Cigna Payer Solutions. Sun Life Financial's ability to provide quality customer service in the TPA marketplace will offer significant value while managing medical costs for our customers."
"Through TPAs that participate in Cigna Payer Solutions and their expansive national network, employers have the opportunity to better manage their medical costs. TPAs and employers can rely on Sun Life Financial as one of the largest direct writers of stop-loss insurance in the United States," said Greta Cusworth, Senior Vice President and General Manager of Sun Life Financial Employee Benefits Group.
Sun Life Financial has a long history of dedication to providing TPAs access to cost containment programs through the SunResources® suite of services. Cigna already participates in SunResources with its LifeSOURCE Transplant Network® for organ and bone marrow transplants.
Ms. Cusworth adds, "This agreement is a natural extension of our established relationship with Cigna. Sun Life Financial is proud to continue the tradition of giving TPAs solutions that provide cost savings to customers."
Cigna will continue to sell medical stop-loss to employers that do not work with Cigna Payer Solutions' TPAs.
Cigna (NYSE: CI) is a global health service and financial company dedicated to helping people improve their health, well-being and sense of security. Cigna Corporation's operating subsidiaries in the United States provide an integrated suite of health services, such as medical, dental, behavioral health, pharmacy and vision care benefits, as well as group life, accident and disability insurance. Cigna maintains sales capability in 30 countries and jurisdictions and has approximately 66 million customer relationships throughout the world. All products and services are provided exclusively by such operating subsidiaries and not by Cigna Corporation. Such operating subsidiaries include Life Insurance Company of North America, Cigna Life Insurance Company of New York, Connecticut General Life Insurance Company and Cigna Health and Life Insurance Company. To learn more about Cigna, visit www.cigna.com. To sign up for email alerts or an RSS feed of company news, log on to http://newsroom.cigna.com/rss. Also, follow us on Twitter at @cigna, visit Cigna's YouTube channel at http://www.youtube.com/cigna and listen to Cigna's podcast series with healthy tips and information at http://www.cigna.com/podcasts or by searching "Cigna" in iTunes.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. In the United States and elsewhere, insurance products are offered by members of the Sun Life Financial group that are insurance companies. Sun Life Financial Inc., the holding company for the Sun Life Financial group of companies, is a public company. It is not an insurance company and does not offer insurance products for sale in the United States or elsewhere, and does not guarantee the obligations of its insurance company subsidiaries. Product offerings may not be available in all states and may vary depending on state laws and regulations.
Sun Life Financial offers group life, disability, dental, and stop-loss insurance through 170 group insurance sales representatives in 34 major U.S. cities. As of December 31, 2010, the Employee Benefits Group division had approximately 35,000 policyholders and more than $2 billion of business in-force, covering approximately 12 million lives. Stop-loss insurance is underwritten by Sun Life Assurance Company of Canada in all states except New York. In New York, stop-loss insurance is underwritten by Sun Life Insurance and Annuity Company of New York.
As of September 30, 2011, the Sun Life Financial group of companies had total assets under management of US$437 billion. For more information, please visit http://www.sunlife.com/us.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
Tim Stone, Sun Life Financial
SLPC 23944, approved 11/11 (exp. 11/16)