Cigna Horace Mann to sell for $ 500 million of USA

The CIGNA Corporation today agreed the sale of companies Horace Mann, an insurance company sells personal especially teachers, for about $ 500 million in cash to a group headed by leveraged buy-out of the company Gibbons , Green, van Amerongen Ltd.

Gibbons, Green, who has offices in Los Angeles and New York, owns the majority of justice in the holding company is the acquisition of the Cigna unit. Paul J. Kardos is still regarded as Horace Mann’s President and Chief Executive and the holding of the Committee, together with other senior managers.

Horace Mann is chartered to sell insurance in Illinois, his country of origin, Florida, California, Delaware. Indeed, each state must Buyout, the closure of approval It is anticipated that three to six months, “said Edward L. Najim, a spokesman for Horace Mann in Springfield, Ill. Deal is something extraordinary

Leveraged buyouts are designed to afford themselves of the acquired company cash flow. The agreement reached today is a bit unusual, “said James Ramenda, an insurance analyst Command & Company in Hartford, because it is a company, considerable height of its activity in damages and damage to property, cash flows generated less predictable life insurance as a result.

”People die, but the driver is not predictable predictable player,’’said Ramenda.

With the focus on teachers, Horace Mann has carved a solid clientele, but that has nothing in common with the group Cigna commercial insurance operations, “said Ramenda. Different views

”There were differences in positions between the son of Horace Mann and Cigna,”he said. Cigna”a very structured planning for growth and Horace Mann never subscribed to.”

Cigna, whose headquarters is in Philadelphia, was adopted in 1982 by the merger of the INA and Connecticut General Life Insurance Company last year, they have the Horace Mann and its various Products Division assurances to the sale. In March, he sells each insurance company to the Inter Continental Life Company for $ 140 million.

The company said the sale of these assets would it help their commercial insurance and investment business, but he did not rule out the possibility of returning to purchase more of its shares. Its recent acquisition of 724000 shares at an average price of $ 57 each began in October after stock market crash.

In the first half of the year, Cigna, operating income was $ 214 million, 32 percent over the comparable period in 1987, and its revenues amounted to $ 8.5 billion to 8 percent . Of which, Horace Mann has contributed $ 22.4 million in revenues and $ 371 million of revenue.

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