Genex, the work comp anaged care subsidiary of UNUMProvident, has been sold to an investment firm. Unum had had the company on the block for quite a while, so the transaction is not a surprise.
Unum had purchased Genex years ago, in what was touted at the time as a way for the disability insurer to gain expertise in managing disability. Insiders noted that after the initial synergy discussions, there was not a lot of knowledge transfer from Genex to Unum’s disability management unit.
interesting development. says to me that genex and workers comp capability is not a strategic fit any longer for a disability/benefits company. does this also say that the demand for IDM is not there anymore – if it ever was?