Unum

Union Mutual Life Insurance was incorporated in 1848 in Maine.{{cite book|url=https://books.google.com/books?id=UARQAAAAYAAJ&q=%22union+mutual+life+insurance%22+AND+%22elisha+b.+pratt%22&pg=PA539|title=Chamber of Commerce Journal of Maine|volume=17|year=1904}} The company issued its first policy, which covered the life of founder and company president Elisha B. Pratt for $5000 ({{Inflation|US|5000|1849|fmt=eq}}), on October 1, 1849. Union Mutual's principal office at the time was located in Boston, Massachusetts, where Pratt resided.{{cite news|title=Unum Group|series=International Directory of Company Histories|editor=Jay P. Pederson|volume=137|work=St. James Press|year=2012|pages=495–504}} Union Mutual remained headquartered in Boston until 1881, when the state of Maine passed a law that required the principal office and headquarters of all insurance companies incorporated by the state to be located within the state. The company relocated to Portland, Maine.

In 1940, the company acquired most of Massachusetts Accident Company's health and accident insurance business. The acquisition was Union Mutual's first expansion beyond individual life and endowment insurance.{{cite news|title=Unum's First 150 Years|date=24 November 1998|work=Portland Press Herald}} In 1969, Union Mutual established the insurance industry's first downstream holding company, which facilitated the company's continued expansion and diversification.{{cite news|title=Union Mutual Likes Its Change into Publicly Held Unum Life|author=Lynn Brenner|date=31 March 1987|work=American Banker}}{{cite web|url=http://www.soa.org/library/proceedings/record-of-the-society-of-actuaries/1975-79/1977/january/rsa77v3n15.aspx|title=Financial Resource Management, Mutual Companies|publisher=Record of Society of Actuaries|year=1997|volume=3|number=1|access-date=18 May 2014}} Union Mutual also established its group disability business in the 1960s. Group disability would become the company's flagship product.{{cite news|title=Unum, Provident will merge The insurance giant will exploit the strengths of each company and their differing client niches|author=Dean Lunt|date=24 November 1998|work=Portland Press Herald}}{{cite web|url=https://www.nytimes.com/1998/11/24/business/2-leading-us-disability-insurers-plan-merger.html|title=2 Leading U.S. Disability Insurers Plan Merger|author=Joseph B. Treaster|work=The New York Times|date=24 November 1998|access-date=18 May 2014}}

Union Mutual became the first major mutual insurance company to demutualize in 1986. Company CEO Colin Hampton had been pushing for demutualization since 1970 and the company formally began the process of converting to a publicly held company in January 1985.{{cite web|url=http://www.csmonitor.com/1985/0211/funion.html|title=Old-line mutual insurer shifting to shareholder-owned|author=Thomas Watterson|publisher=The Christian Science Monitor|date=11 February 1995|access-date=18 May 2014}} Union Mutual, now renamed Unum, began trading on the New York Stock Exchange in November 1986.

The company also began selling off underperforming businesses during the 1980s. From 1982 to 1990, Unum abandoned many insurance products, including medical insurance, individual life insurance, general investment contracts, and individual annuities and pensions. Under the leadership of then-CEO James Orr, the company turned its focus to long-term group disability insurance.

In March 1990, Unum acquired National Employers Life Assurance Holdings, which at the time was the United Kingdom's largest disability insurer.{{cite news|title=Unum TO retain NEL Permanent Health Insurance and hive off the rest OF National Employers Life Assurance|author=Mark Downing|date=4 October 1990|work=Post Magazine}} The company later acquired Duncanson & Holt, a reinsurer and insurance underwriter for the accident and health insurance sectors.{{cite news|title=Business Briefs|date=3 August 1992|work=The Wall Street Journal}} In 1993, Unum acquired the Colonial Companies, parent company of Colonial Life & Accident Insurance Company.{{cite news|title=Company News; Unum to Buy Colonial in $570 Million Stock Deal|agency=Reuters|date=5 December 1992|work=The New York Times}} Colonial focused on individual insurance products, including accident, cancer and life insurance policies. Unum began offering individual disability policies under the Unum brand once again in 1995.

The Provident companies was founded in Chattanooga, Tennessee in May 1887 as Mutual Medical Aid and Accident Insurance Company. The company originally specialized in providing both medical-aid and accident insurance to employees in high-risk industries, including miners and coal workers.{{cite web|url=http://tennesseeencyclopedia.net/entry.php?rec=821|title=Maclellan Building|publisher=The Tennessee Encyclopedia of History and Culture|access-date=18 May 2014}} Within a few months, the company’s founders became concerned that a single disease epidemic would bankrupt the company. Mutual Medical Aid and Accident purchased back all outstanding medical-aid policies and reincorporated as Provident Accident Insurance Company. Provident only issued accident policies.

In 1892, Thomas Maclellan and John McMaster purchased a 50% stake in the company for $1000. The two men purchased the remaining 50% equity in 1895 and Maclellan was the company's sole owner and president by 1900. Maclellan reorganized the company from being mutually held to a stock company in 1910.

Thomas Maclellan served as president of Provident until he was struck by an automobile and unexpectedly died 1916.{{cite web|url=http://www.chattanoogan.com/2005/6/24/68666/Maclellans-Have-Long-Been-Associated.aspx|title=Maclellans Have Long Been Associated With Provident Insurance|publisher=The Chattanoogan|date=24 June 2005|access-date=18 May 2014}} Robert Jardine Maclellan, the son of Thomas and Helen Maclellan, and the maternal grandson of railroad promoter Robert Jardine, assumed the presidency of Provident following his father's death.{{cite web|url=http://www.hoovers.com/company/Unum_Group/jfyjxi-1-1njhxk.html|title=History|publisher=Hoovers|access-date=18 May 2014}} Provident began selling life insurance the following year, in 1917, and the first life insurance policy issued by the company covered Robert Maclellan's life. The company also began offering railroad insurance.

Provident wrote its first group policy in 1924. The company expanded its operations with its 1926 acquisition of Detroit, Michigan-based Standard Accident Company. Provident operated in 34 states by 1928. It also acquired Southern Surety Company in 1931 and Meridian Insurance of West Virginia in 1938. The company expanded into Canada in 1948.

File:Paul_Revere_Life_Insurance_Company,_Worcester_Massachusetts.jpg

In November 1993, J. Harold Chandler became president and chief executive officer of Provident.{{cite news|title=Provident Life & Accident Insurance Co.|date=11 November 1993|work=The Wall Street Journal}} Chandler had previously served as a senior executive at NationsBank. Chandler initiated a company-wide restructuring at Provident, which included the 1995 sale of its health-related business to Healthsource for $231 million.{{cite news|title=Health Brief -- Healthsource Inc.: Provident Life Businesses Acquired for $231 Million|date=2 June 1995|work=The Wall Street Journal}} Provident also increased its focus on individual disability and life policies with the 1997 acquisition of the Paul Revere Corporation, a Worcester, Massachusetts-based provider of individual disability insurance, from Textron for $1.2 billion.{{cite news|title=Disability insurance competitors join forces to capture nearly half of country's market|author=Kelly Russell|date=25 August 1997|work=Mississippi Business Journal}} The purchase of Paul Revere made Provident the nation's largest provider of individual disability policies.

Unum and Provident of Chattanooga, Tennessee announced their intention to merge in November 1998. When the merger was completed in 1999, the new company, named UnumProvident, was the United States' largest disability insurance provider.{{cite news|title=Chattanooga, Tenn.-Based Insurer Provident to Finalize Merger with Unum|author=Mike Pare|date=30 June 1999|work=KRTBN Knight-Ridder Tribune Business News: Chattanooga Times/Free Press - Tennessee}} Then-Unum chairman and chief executive James Orr was retained in as chairman and CEO of UnumProvident, which was headquartered in Portland, Maine.

Company Chief Operating Officer J. Harold Chandler, who had served as Provident's chief executive prior to the merger, succeeded Orr as UnumProvident CEO in November 1999.{{cite news|title=UnumProvident CEO Orr exits early James F. Orr III, widely credited with building the firm, leaves in a trouble-filled time|author=Dean Lunt|date=2 November 1999|publisher=Portland Press Herald}} The company sold Provident National Assurance, a holding company for its life insurance and variable annuity business, to Allstate in 2001.{{cite news|title=Lake County Briefs|date=10 February 2001|work=Chicago Daily Herald}} In 2002, UnumProvident relocated its headquarters from Portland, Maine to Chattanooga, Tennessee.{{cite news|title=In Brief|date=9 January 2002|work=The Knoxville News-Sentinel}} The former Provident Companies was headquartered in Chattanooga.

Unum received negative attention in 2002, when California regulators fined Unum, and alleged that the company inappropriately denied long-term disability insurance claims.{{cite web |first=Peter G. |last=Gosselin |url=http://www.latimes.com/news/nationworld/washingtondc/la-fi-disability3oct03,0,3303715.story |title=State Fines Insurer, Orders Reforms in Disability Cases |date=3 October 2005 |work=Los Angeles Times |access-date=27 December 2009}} Unum stated that "only 2% of the policyholders who filed a claim with the company last year [2001] were found not to be disabled, an amount consistent with prior experience."{{cite web |url=http://phx.corporate-ir.net/phoenix.zhtml?c=112190&p=irol-newsArticle&ID=357576&highlight= |title=UnumProvident Rebuffs Recent Media Allegations; Calls Attention to Facts |date=18 November 2002 |publisher=UnumProvident |access-date=1 February 2007}}

UnumProvident acquired Sun Life Financial's United Kingdom-based group insurance business in 2003.{{cite news|title=In Brief: Sun Life Closes Sale Of Its U.K. Group Biz|date=4 March 2003|work=American Banker}} Thomas Watjen replaced Orr as UnumProvident’s chief executive later that year. The company also sold its Japanese and Argentine businesses.

In 2004, Unum entered into a regulatory settlement agreement (RSA) with insurance regulators in over 40 states.{{cite news|title=States approve UnumProvident deal; Forty states agree to the settlement, more than enough to put it into effect, the company says|date=22 December 2004|work=Portland Press Herald}} The settlement related to Unum's handling of disability claims and required the company "to make significant changes in corporate governance, implement revisions to claim procedures and provide for a full re-examination of both reassessed claims and disability insurance claim decisions after the January 2005 effective date of the RSA."{{cite news|title=Division of Insurance Completes Review of Unum Group Disability Claims Payments, Returns $13 Million to Massachusetts Consumers|date=15 April 2008|work=US Fed News}} The review was completed in 2008, and resulted in a 41.7% reversal, "in whole or part", and an additional $676.2 million of benefits paid nationwide by Unum.{{cite web|url=http://www.maine.gov/tools/whatsnew/index.php?topic=INS-PressReleases&id=54160 |title=UNUM Landmark Multi-State Settlement Agreement and Examinations Concluded |publisher=Department of Professional & Financial Regulation |date=April 15, 2008}} The state of Maine press release announcing the result, praised regulators for their work, and the company for coming into compliance. The company was involved with the UK's controversial Welfare Reform Bill in 2007 and was investigated by the BBC in England at that time.Loukas Christodoulou [http://www.corporatewatch.org.uk/?lid=2940 Welfare or Wealth Care?] Corporate Watch May 14, 2007Jonathan Rutherford [http://www.compassonline.org.uk/article.asp?n=563&offset=20 New Labour and the end of welfare], Compass Online April 25, 2007[http://news.bbc.co.uk/player/nol/newsid_7080000/newsid_7082100/7082194.stm "'Rogue' firm advising in UK"], BBC, June 6, 2007

In 2007, UnumProvident was renamed Unum.{{cite news|title=Insurer UnumProvident shortening its name to Unum|author=Bill Poovey|date=16 January 2007}} The Unum moniker was last used by the Unum Corporation prior to the 1999 merger. In 2012 and 2013, Unum partnered with the Consumer Federation of America to release reports which examined the use of disability insurance by American workers.{{cite web|url=http://bucks.blogs.nytimes.com/2012/05/01/most-workers-lack-disability-insurance-survey-finds/|title=Most Workers Lack Disability Insurance, Survey Finds|author=Ann Carrns|work=The New York Times|date=1 May 2012|access-date=18 May 2014}}{{cite web|url=http://www.timesfreepress.com/news/2013/sep/24/study-shows-critical-need-workplace-disability-ins/|title=Study shows critical need for workplace disability insurance|author=Dave Flessner|publisher=Times Free Press|date=24 September 2013|access-date=18 May 2014}} According to numbers released by the Bureau of Labor Statistics that were cited by the report, two-thirds of American workers do not carry disability insurance policies.{{cite web|url=http://www.bls.gov/ncs/ebs/benefits/2011/ownership/private/table12a.htm|title=Employee Benefits Survey|publisher=United States Department of Labor|access-date=18 May 2014}} In addition, the report found that, among other things, workers know little about disability insurance, despite expecting financial hardship if they were to become unable to work.

In 2008 Unum opened its IT centre of excellence in Carlow, Ireland,[https://enterprise.gov.ie/en/news-and-events/department-news/2020/november/18112020.html U.S. Insurance Company Unum Expands Technology Centre in Carlow] Ireland Department of Enterprise, Trade and Employment; 18 November 2020. Accessed 8 November 2023 and continued to digitize its finance operations,[https://fortune.com/2022/09/14/finance-embracing-it-digital-transformation/ Finance is (finally) embracing IT] Fortune Magazine; 14 September 2022. Accessed 8 November 2023 and to invest in technology, in the U.S.[https://www.zdnet.com/article/unum-group-architect-charts-a-devops-course-to-a-hybrid-cloud-future/ Unum Group architect charts a DevOps course to a hybrid cloud future] ZDNet; 10 September 2013. Accessed 8 November 2023 and abroad[https://digitalisationworld.com/news/29074/unum-bucks-the-trend-with-private-eco-friendly-data-centre UNUM bucks the trend with private, eco-friendly, data centre] Digitalisation World; 2013. Accessed 8 November 2023 during the following decades.[https://www.wsj.com/articles/unum-finance-chief-stresses-importance-of-advocating-for-digital-transformation-11650360601 Unum Finance Chief Stresses Importance of Advocating for Digital Transformation] The Wall Street Journal; 19 April 2022. Accessed 8 November 2023

Richard McKenney has led Unum as its CEO since April 1, 2015.{{cite news|url=http://www.chattanoogan.com/2015/2/3/293332/Unum-Announces-Richard-McKenney-As-New.aspx|title=Unum Announces Richard McKenney As New CEO As Thomas Watjen Retires|date=February 3, 2015|work=The Chattanoogan|access-date=December 3, 2017}} Unum UK entered the dental insurance market with acquisitions of National Dental Plan, then Starmount Life, in 2015 and 2016, respectively. As of December 2016, Unum had 9,400 full-time employees and annual revenues of $11.047 billion.{{Cite web|url=http://investors.unum.com/Cache/1001220386.PDF?Y=&O=PDF&D=&fid=1001220386&T=&iid=103324|title=Unum Group 10-K 2016|date=February 1, 2017|access-date=December 3, 2017}}

From 2019, Unum Group has been named annually among The Civic 50 by Points of Light.[https://thenonprofittimes.com/report/points-of-light-reveals-its-civic-top-50-of-2022/ "Points of Light Reveals Its Civic Top 50 of 2022"] TheNonProfitTimes; 28 June 2022. Accessed 8 November 2023

In 2022, Unum Group provided coverage to about 45 million people with 10,937 employees,{{cite news|title=Chattanooga-based insurer Unum, after record year, eyes new highs as it turns 175|url=https://www.timesfreepress.com/news/2023/apr/13/chattanooga-insurer-unum-record-year-tfp/|author=Mike Pare|date=30 June 1999|work=Chattanooga Times Free Press}} and reported revenue of $11.991 billion.

In 2023, subsidiary Colonial Life & Accident Insurance Company launched Gathr, a proprietary HR tech and benefits administration platform for small businesses.[https://www.calbrokermag.com/more/small-business-and-hr-tech-an-untapped-market/ Small business and HR Tech: an untapped market] California Broker Magazine; 1 July 2023. Accessed 8 November 2023

File:Unum Worcester.JPG]]

Unum Group is headquartered in Chattanooga, Tennessee, and maintains offices in Portland, Maine; Columbia, South Carolina; Baton Rouge, Louisiana; Atlanta, Georgia; Milton Court, Dorking, Surrey, Basingstoke and Hampshire, England, Warsaw, Poland and Carlow, County Carlow, Ireland. Thomas Watjen served as Unum Group president and chief executive from 2003 until his retirement in 2015. Watjen became Chairman of the Unum Group Board of Directors on May 21, 2015. He was succeeded as President and CEO by Richard McKenny.

Unum is divided into five business segments: Unum US, Unum UK, Unum Ireland, Unum Poland and Colonial Life. It is one of the world’s largest providers of employee benefits as group disability insurance, as well as group benefits, life insurance and other services.{{cite web|url=http://www.hoovers.com/company/Unum_Group/jfyjxi-1-1njhxf.html|title=Overview|publisher=Hoovers|access-date=18 May 2014}}

During the 2010s, Unum collaborated with Oxford Economics, among others, to analyze staff engagement and retention, subsequently designing policies and adding benefits to nurture company loyalty.[https://www.oxfordeconomics.com/wp-content/uploads/2023/05/cost-brain-drain-report.pdf "The Cost of Brain Drain"] Oxford Economics; February 2014. Accessed 7 November 2023Pozniak, Helena [https://www.telegraph.co.uk/sponsored/business/unum-employees-roundtable/10951636/rethinking-workplace.html "Rethinking the workplace"] The Telegraph; 07 July 2014. Accessed 7 November 2023 It continually develops policies and programs that target inclusivity,Hinton, Wade [https://www.futureofbusinessandtech.com/diversity-in-business/customer-focus-drives-unums-inclusive-culture/ "Customer Focus Drives Unum’s Inclusive Culture"] Future of Business and Tech. Accessed 7 November 2023[https://magazine.ethisphere.com/unum-purpose-employees-customers-communities/ "Unum: Our Purpose Extends to Employees, Customers, and Communities"] Ethnisphere Magazine. Accessed 7 November 2023 compliance security.[https://magazine.ethisphere.com/deep-dive-unum/ "World’s Most Ethical Companies Deep Dive: Unum"] Ethnisphere Magazine. Accessed 7 November 2023 and environmental sustainability.[https://www.leadersmag.com/issues/2021.1_Jan/PDFs/LEADERS-Liz-Ahmed-Unum.pdf "Women Leaders |An Interview with Liz Ahmed"] Leaders Magazine; Volumee 44, Number 1; 2021, page 81. Accessed 7 November 2023

The company is a long-time participant of the Maine Heart Walk, with COO Mike Simonds serving as the event’s chairman in 2021.[https://www.wmtw.com/article/maine-heart-walk-is-virtual-again-this-year/36416757 "Maine Heart Walk is virtual again this year"] WMTW8; May 15, 2021. Unum Group has been named annually to several Forbes’ lists, including America’s Best Largest Employers and America’s Best Employers for Diversity, and, since 2021, among Ethisphere’s World’s Most Ethical Companies.

• Forbes' America's 100 Most Trustworthy Companies 2013{{cite web|url=https://www.forbes.com/sites/jacquelynsmith/2012/04/04/americas-most-reputable-companies/|title=America's Most Reputable Companies|author=Jacquelyn Smith|work=Forbes|date=4 April 2012|access-date=18 May 2014}}
• Forbes' America's Most Reputable Companies 2012–2013{{cite web|url=https://www.forbes.com/sites/jacquelynsmith/2013/04/24/americas-most-reputable-companies-2/|title=America's Most Reputable Companies|author=Jacquelyn Smith|work=Forbes|date=24 April 2013|access-date=18 May 2014}}
• Newsweek's Green Companies 2012{{cite web|url=http://www.newsweek.com/2012/10/22/newsweek-green-rankings-2012-u-s-500-list.html|title=Green Rankings 2012: U.S. Companies|publisher=Newsweek|access-date=18 May 2014}}
• Center for Political Accountability recognition 2011{{cite web|url=http://www.politicalaccountability.net/index.php?ht=a/GetDocumentAction/i/5067|title=CPA Hits Milestone as 85 Companies Adopt Political Disclosure and Accountability|publisher=Center for Political Accountability|access-date=18 May 2014}}
• Dow Jones Sustainability North American Index 2010-2012{{cite web|url=http://www.unumgroup.com/About/Awards.aspx|title=Awards & recognition|publisher=Unum Group|access-date=18 May 2014}}
• Human Rights Campaign Corporation Index 2009-2011{{cite news|title=Corporate Equality Index|url=https://www.hrc.org/resources/buyers-guide/unum-group|publisher=Human Rights Campaign Foundation|date=2022}}{{cite web|url=http://issuu.com/hrcworkplace/docs/hrc_corporate_equality_index_2010|title=Corporate Equality Index|publisher=Human Rights Campaign Foundation|date=2010|access-date=18 May 2014}}{{cite web|url=http://issuu.com/humanrightscampaign/docs/hrc-cei-2011-final|title=Corporate Equality Index|publisher=Human Rights Campaign Foundation|date=2011|access-date=18 May 2014}}
• UK Corporate Adviser Awards – Best Group Risk Provider 2012–2013
• UK Health Insurance Awards – Best Group Risk Provider 2011–2012
• UK Cover Excellence Awards – Best Group Income Protection 2011
• Human Rights Campaign Foundation’s Corporate Equality Index – Best Places to Workfor LGBTQ+ Equality 2022.

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Category:Companies listed on the New York Stock Exchange

Category: 1980s initial public offerings

Category:Insurance companies of the United States

Category:Companies based in Chattanooga, Tennessee

Category:American companies established in 1848

Category:American companies established in 1999

Category:Financial services companies established in 1848

Category:Financial services companies established in 1999

Category:Financial services companies of the United States

Category:1999 establishments in Tennessee

Category:Companies in the S&P 400