The company registration status is INACTIVE. Streamlining Procedures Under a New President in the 1920s. Efforts to enter the Mexican market after the passage of NAFTA were among the company's attempts to forestall further decreases in net earnings in 1994 and 1995. Company Number assigned to this company is 833532. A noted gerontologist, Rowe had most recently served as head of Mount Sinai NYU Health, a group of nonprofit New York City hospitals. Single log-in. Many canceled their policies, and new policyholders were not forthcoming. Prof. Dr. Satrio Jakarta 12940, Indonesia. AETNA FINANCIAL SERVICES, INC. is a Foreign Profit Corporation. FT LAUDERDALE, FL 33394, SMITH KIRKPATRICK, ENGLISH DEPT. All rights reserved. The company's filing status is listed as Inactive - Voluntary and its File Number is 0000012830. NYLCare HMOs operated in several large metropolitan areas, including Washington, D.C., Houston, and Dallas, as well as a number of cities in the states of Illinois, Maine, New Jersey, New York, and Washington. The 1870s was a period of nationwide economic crisis, and Enders was hard-pressed to keep the firm alive, despite its earlier successes. Bulkeley guided Aetna through its difficult first years, when new insurance laws in some states required capital deposits beyond the stockholders' resources, hindering Aetna from doing business in those states. In 1984 James T. Lynn became chairman and CEO. The result was the creation of a mutual department whose accounting system was separate from that of management. By April 1994 the company announced further layoffs, cutting staff by 4,000 jobs. As consumers, we often take for granted all the hard work that goes into building a great company. Despite a slowly improving national economy, the continuing deterioration of the company's mortgage loan portfolio would force Aetna to engage in further streamlining efforts, and in June 1992 the company laid off 10 percent of its workforce. Moving into the 20th Century: Advancing Through Diversification and Innovation. Later that same year Aetna purchased the Participating Annuity Life Insurance Company, becoming the first major insurance firm to enter the variable annuity market. By 1879 he had been a councilman and alderman and was successfully running for mayor of Hartford. Series of Health Insurance Acquisitions in the Late 1990s. For 2003, although revenues fell to $17.98 billion from $19.88 billion, Aetna netted $933.8 million. Search for other Financial Services in Buffalo on The Real Yellow Pages®. Basic Concepts Financial Services is not affiliated with HTK. Physicians did not like the restrictions that Aetna contracts placed upon them, and the company began facing a rash of class-action lawsuits not only from doctors but also from patients claiming they had been denied care. Continuing to shed noncore operations, Aetna sold its U.S. individual life insurance business to Lincoln National Corporation for $1 billion in cash in October 1998. Aetna's existing health insurance operations were merged into U.S. Healthcare, which became an Aetna subsidiary and was renamed Aetna U.S. Healthcare Inc. A change of leadership in mid-1997 saw former banking executive Richard L. Huber named president and CEO, continuing the efforts to streamline Aetna and focus the company's manpower on what it had proven it does best. Enders resigned in 1879. ; Multiple delivery options - Receive remittance advices in the way you prefer-including 835, EPRA or PPRA. In addition, Aetna was forced to lower its 1982 statement of earnings by 39 percent, in response to a ruling by the Securities and Exchange Commission that disallowed Aetna's practice of booking future tax credits as current earnings. He streamlined procedures, regularized paperwork, and reduced the costs of doing business. Aetna's travails were compounded by the difficulty it had integrating its operations with those of U.S. Healthcare and also by the discovery that the newly acquired Prudential health unit was losing more money than anticipated. In fact, by this time many doctors and healthcare consumers were in open rebellion against the policies that had prevailed at Aetna since its purchase of U.S. Healthcare. In the wake of questions from the state insurance commissioner about the booking of these notes as assets, and the negative press elicited by the commissioner's report, Aetna management decided to start requiring full cash payment for premiums. In 1989 the decline continued at the rate of 5 percent from the previous year, with commercial property-casualty insurance lines affected by two natural disasters, Hurricane Hugo and the San Francisco Bay area earthquake. In 1955, two years after Aetna's centennial, Brainard resigned the position of president to become Aetna's first chairman. Hartford, CT 06156, 151 FARMINGTON AVENUE-YFF1 Aetna is the brand name used for products and services provided by one or more of the Aetna group of companies, including Aetna Life Insurance Company and its affiliates (Aetna). In 1976 William O. Bailey succeeded Johnson. Salaries at Aetna, Inc. range from an average of $48,953 to $117,868 a year. Aetna Financial Services, Inc. is a North Dakota Foreign Corporation - Business filed on March 16, 1970. Divesting Global Health and Global Financial Services in 2000. "We take care," Huber stated, "of what matters most to the vast majority of the population, their health and their wealth." To gain antitrust approval from the U.S. Department of Justice, Aetna had to divest its NYLCare HMO businesses in Dallas and Houston. Aetna U.S. Healthcare was then renamed Aetna Inc. (meaning that the "new" Aetna would trace its incorporation back to that of United States Health Care Systems, Inc. in 1982). US Federal EIN/TIN number of this company is 06-0858223. It also completed several acquisitions during this period to build its health business into a national player. SM. The company explored the possibilities of insurance coverage for air travel, became involved in several large bonding issues, and became a pioneer in the area of driver's education. Time and Date: 10:00 a.m. on October 18, 2018. JACKSONVILLE, FL 32203, ONE FINANCIAL PLAZA Phone number. Reserves were increased to cover liabilities and future underwriting losses. The appellant Aetna Financial Services Limited (for convenience hereinafter called "Aetna") is a company incorporated under the Canada Business Corporations Act, 1974‑75‑76 (Can. The activities of these five insurance sectors were supported by the operations of a financial division that managed all of the firm's investment portfolios. In 1911 Bulkeley lost his senate seat and returned full-time to his position with Aetna. The first years of Bulkeley's presidency were spent getting the ailing company back on its feet, but in the 1890s Aetna made its first move to diversify, initiating a period of rapid expansion. Aetna also was involved in insuring the production of the atom bomb under the Manhattan Project, a uniquely challenging actuarial task because much of the information was classified. TN41 It began providing clearer information on coverage to both doctors and patients, speeded up payments, and reduced red tape. Particularly ill-fated acquisitions were Geosource Inc., an oilfield services concern, and Satellite Business Systems, a communications firm. Seeking security during the uncertain war years, many people bought life insurance policies for the first time. We see them around but we don't know what goes on behind the scenes. He was also active in the formation of the Republican Party in Connecticut, starting a long tradition of political activism by Aetna leaders. But the company's board rebuffed this unsolicited bid and instead announced in March that the company would split, creating two separate businesses focusing on healthcare and financial services. Aetna offers plans to businesses large and small, in all 50 states. Originally, Bulkeley had resisted the mutual plan that placed ownership in the hands of policyholders. HARTFORD, CT 06156, 151 FARMINGTON AVE., REAB Group disability policies were offered for the first time in 1919. While governor, Bulkeley loaned the state of Connecticut $300,000 from Aetna's funds during a period of financial need. Out of 60 sectors in the Mergr database, insurance ranked 19 in number of deals in 2000.The largest insurance acquisition in 2000 was Aetna Financial Services - which was acquired by ING Groep N.V. for $7.7B.. Join Mergr to view all 38 acquisitions of insurance companies in 2000, including 2 acquisitions by private equity firms, and 36 by strategics. By February 2000 Aetna's stock had fallen to $39, having lost two-thirds of its value since August 1997. Place: Department of Financial Services, One … The year 1861 was important for Aetna for two reasons: the Civil War began and Aetna modified its form of ownership. Financial well-being Intelligent solutions Counseling and Relationship Support Aetna Resources For Living services are available to you, all members of your household and your adult children up to the age of 26, regardless of your medical insurance coverage. The company started out in the mid-19th century as a life insurer and then slowly evolved into a multiline insurer. Bulkeley had presided over Aetna during the speculative postwar years, and had maintained careful control of the risks the company assumed. He was active in the state Republican Party his father had helped to form. In May 2003 the company broke ranks with its industry rivals and agreed to settle a massive class-action lawsuit that had been brought against the nation's major managed-care insurers. What remained of Aetna--the company's international and financial services units--was acquired by ING for about $7.75 billion. The suit, whose class included nearly all U.S. physicians, had listed a number of complaints, including unfair billing practices and interference with treatment recommendations. ING remained interested in a deal, however, and in July the two parties reached an agreement. In late February managed-care firm WellPoint Health Networks Inc. and the U.S. arm of the Dutch financial services giant ING Groep N.V. jointly approached Aetna about a $10.5 billion takeover. Pressure from the public and from competing insurance companies helped change Bulkeley's mind. AETNA FINANCIAL SERVICES, INC. was incorporated on Friday 27th December 1974 so company age is fourty-six years, nine days. Against this long awaited rise in net income, the company announced that it intended to sell its property-casualty subsidiary, which had contributed mounting losses to the corporate balance sheet over the past several decades through its policies for individuals and businesses. The financial services and international businesses are presented as discontinued operations for 2000, because the Company is the successor of former Aetna for accounting purposes. Continuing to divest itself of losing real estate investments after the sale of its property and casualty division, Aetna now focused on aggressively growing its interests in managed healthcare and retirement services, a potentially risky mix according to some industry analysts, and about which Huber himself would acknowledge in the Hartford Courant that "demographics are destiny." In 1972 Chairman Smith initiated a management change that resembled Brainard's initiation of his new leadership style 50 years before. Privacy Policy, "Aetna: A Long Way to the Recovery Room,", "Aetna: Where Group Management Didn't Work,", Anders, George, "Aetna Will Sell Unit to KKR for $1.4 Billion,", Benko, Laura B., "Makeover at Aetna Lags,", Brady, Diane, "Aetna's Painful Recovery,", ------, "The Volcano Behind Aetna: Under Jack Rowe, It's a Force for Health-Care Reform,", Gentry, Carol, "Aetna's Shares Catch Cold from Its New Health Unit,", ------, "As Aetna's Woes Pile Up, Its Chairman Is Under Fire,", Gentry, Carol, and Nikhil Deogun, "Aetna to Split into Two Separate Businesses,", Jackson, Susan, "Aetna's Brave Old World,", King, Resa W., and Marc Frons, "How Government Groomed Jim Lynn for Aetna,", Lagnado, Lucette, "Personality Change: Old-Line Aetna Adopts Managed-Care Tactics and Stirs a Backlash,", Lagnado, Lucette, and Joann Lublin, "Hospital Chief Picked to Revive Distressed Aetna,", Levick, Diane, "Another Adventure Beckons,", Lohse, Deborah, "Aetna to Sell Some Assets to Lincoln,", Loomis, Carol J., "Behind the Profits Grow at Aetna,", Martinez, Barbara, "Aetna to Announce Settlement with Physicians,", ------, "Aetna to Expand Its Catalog of Health-Plan Products,", ------, "Making Amends: Aetna Tries to Improve Bedside Manner in Bid to Help Bottom Line,", Scism, Leslie, "Aetna to Buy New York Health Unit,", ------, "Travelers Stock Jumps on Plan to Buy Aetna Unit,", Smart, Tim, "Moving Mount Aetna: What It Will Take to Make the U.S. Healthcare Merger Pay,", Smart, Tim, and Keith H. Hammonds, "Aetna's Booster Shot: An $8.9 Billion Merger Makes It No. In 1924, Aetna also had acquired a third affiliate, the Standard Fire Insurance Company, which further strengthened its position. Policyholder Resistance to Changes in the Insurance Industry in the Late 19th Century. ET. If you are a resident of Connecticut, call 1-860-273-0123. Worklife Balance In an effort to retain customers lured away from insurance by mutual fund offerings, Aetna Life & Casualty began offering five mutual funds on the retail marketplace in September 1992. Aetna also moved into the Philippines, where it was granted a license in 1995, to Latin America, where it invested $390 million in Brazil's Sul America Seguros in 1997, and to China, where it established two offices with the expectation that the country would soon be open to foreign insurance offices. In addition to health insurance, the company offers dental, pharmacy, group life, disability, and long-term-care products. In 1996, under Compton and newly appointed Chairman of Strategy and Finance Richard L. Huber, Aetna began to shed both its corporate malaise and its tradition-bound methods of operation. . For a few years, this new company issued all the new forms of insurance Aetna offered, but soon further diversification was necessary. HARTFORD, CT 06156, 185 ASYLUM AVE. %SIDNEY A. KEYLES, COUNSEL The EAP is administered by Aetna Behavioral Health, LLC, Aetna Health of California, Inc. and Aetna Health and Human Resources Company, Inc. The Texas Medical Association had opposed the deal, concerned that it would give Aetna too large a share of the market in those two cities. Accordingly, Brainard focused on efficiency of administration, concentrating particularly on relations and communications with agents in the field. By 1990 Aetna Life & Casualty had spent more than $400 million to establish its own HMO, a profitable venture that helped buoy net income for that year to $614 million, against a slight drop in overall earnings. In 1962 Beers became chairman and J.A. In desperate straits following the policy change and weakened by the financial crisis of the 1870s, Aetna steadily declined. In 1997, Aetna bought a leading financial planning company, Financial Network Investment Company and gave $7 million to fund the American Heart Association’s National Women’s Heart Disease and Stroke campaign. SUITE 2604 LANDMARK BANK BUILDING HARTFORD, CT 06156, % CHARLES H. KLIPPEL, YFF1 In 1853 the Connecticut legislature granted a petition for the separate incorporation of the Aetna Life Insurance Company. The commercial insurance division marketed property-casualty insurance and bonds for businesses, government units, and associations, including workers' compensation. Data bundling tools - Easily incorporate aggregated data into your practice management system without having to download files individually. ING Aetna Financial Services offers retirement products such as 401k, 403b, 457, IRAs as well as individual products such as mutual funds and annuities ING Aetna Financial Services will help you reach your We will help you explore, plan and reach Not only did he have to contend with a nationwide depression that began in 1873, but he also was burdened with the disastrous results of a major change in the method of premium payment made toward the end of Bulkeley's presidency. Unlike his uncle, Brainard was a company man. Like his predecessors in the Bulkeley family, Lynn was active in Republican politics when he accepted the post with Aetna. The company also began to curtail its expansion of personal property and casualty insurance markets in several states, and cut back personal mortgage insurance early in the decade. Aetna does not provide financial services and makes no representations or warranties as to the quality of the information or services provided by MLPF&S. HARTFORD, CT 06156, 151 FARMINGTON AVE, RW61 Although Aetna was innovative in this change and most other insurance companies soon began to follow the new practice, the firm's policyholders were outraged. Both events profitably affected the company's growth. Aetna also combined its financial services business units into Aetna Retirement Services. In the postwar years, Aetna continued to diversify cautiously. The Automobile Insurance Company, one of Aetna Life's affiliated companies, had contributed to the spectacular increases of the 1920s. In 1981 the company reorganized its operations into five insurance divisions. Wall Street responded to this turn of events by pushing the company's stock up to $75 per share by early 2004, signaling that Aetna was well on its way to recovery. Such expansion, however, did not come without costs. In cooperation with other insurers, Aetna issued a bonding contract for $312 million that insured the construction of seven aircraft carriers. Rowe was appointed chairman of Aetna as well in April 2001. Dividends were not paid between 1932 and 1934, but no Aetna employees were dismissed. Brainard rapidly retrenched. While pulling out of the auto insurance market, the company was investing heavily in the growing field of managed healthcare insurance. The deal increased the number of Americans covered by Aetna health plans from 16 million to 22 million, and it also more than doubled Aetna's dental insurance business to 15 million members. Read more about the acquisition; ... Aetna Inc. For language services, please call the number on your member ID card and request an operator. As a result, the new Aetna was focused almost solely on U.S. medical and dental insurance and related products; it did retain much smaller operations in group life, disability, and long-term-care insurance and in large-care pensions. In 1929 only 11.7 percent of Aetna's assets were in common stock, and almost half of that in the stock of Aetna affiliates, another condition that helped Aetna survive during the 1930s. Aetna Life was originally formed as an affiliate of the older Aetna Insurance Company, which specialized in fire insurance (and was named after Mt. In 1981, hoping to lead industrywide price increases, Aetna raised commercial insurance prices, a mistimed move that cost the company as much as 10 percent of its business. A further sign that Aetna was serious in its efforts to reposition itself by narrowing its focus to health and life insurance and financial services came in November 1991, when the company announced that Aetna President Ronald E. Compton would be appointed chairman upon the retirement of James T. Lynn in early 1992. Ordinary life insurance premiums remained almost steady during World War II, but group insurance rose dramatically, increasing overall premium income by almost 65 percent. Mounting pressure from shareholders led to Huber's sudden resignation that month. In response to several state legislatures' efforts to roll back or otherwise restrict the rise in auto insurance rates, the company attempted to pull out of both Pennsylvania's and Massachusetts' auto insurance markets, although such efforts drew resistance from both state regulators and consumers. Diversification Followed by Reorganization in the 1970s. Net income for 1991 was reported at only $505 million, the downturn aggravated by property claims resulting from Hurricane Bob. HARTFORD, CT 06156. The company began squeezing both doctors and patients to improve profits. In the late 1960s Aetna experienced a sharp drop in earnings, a trend that reflected an industrywide increase in claims. Finally, we can read about how these great companies came about with Company Histories.. In place of administration by one man, Smith introduced the "corporate office" approach, a consensual relationship of the four top managers--chairman, president, and two vice-presidents--with the chairman still slightly dominant. The decline was reversed in the early 1970s, in part because of nationwide decreases in losses and increases in premiums and in part because of Aetna's move to control costs and concentrate on the most profitable lines of insurance. The content within this section is for educational purposes only and should not be construed as investment advice. The parent company Aetna Life & Casualty was renamed Aetna Inc., with the company realigning itself around the new name and new identity. The complicated transaction was completed in December 2000. Aetna passed back into family hands when Morgan G. Bulkeley, Eliphalet Bulkeley's son, took over leadership of the firm, a position he was to retain for the next 43 years. In 1922 the affiliate's premium income reached $11 million; in 1923, $19 million; and in 1924, premium income reached $30 million. Aetna Financial Services … The employees benefits division offered group insurance, healthcare services, and pension and related financial products to business, government units, associations, and welfare trusts. With Beers's inauguration, the long history of family control ended and a new era of shorter presidencies began. Aetna commits $7 million to help fund the American Heart Association’s National Women’s Heart Disease and Stroke Campaign to raise awareness among women about the risks of heart disease and stroke. Lynn implemented a policy of prudent retrenchment, selling subsidiaries that were not performing well and emphasizing Aetna's longstanding priority on insurance. In July 1998 the company spent more than $1 billion to acquire New York Life Insurance Company's health insurance operations, which were known as NYLCare Health Plans. AETNA FINANCIAL SERVICES, INC. is a Foreign Profit Corporation. He also shrunk Aetna's customer base from 19 million members to 13 million by abandoning unprofitable markets, including almost half of the counties nationwide in which it offered Medicare products. Source: International Directory of Company Histories, Vol.63. Aetna, Inc. pays its employees an average of $72,476 a year. Financial Services insurance life insurance Aetna is a health care benefits company. Despite steadily increasing revenues, profits were falling, dropping from $901 million in 1997 to $848.1 million in 1998 to $716.9 million in 1999. The war gave Aetna several opportunities to develop new types of insurance coverage. As a result, during the worst years of the Depression, Aetna's income dropped by only a little more than 10 percent. This action, which shadowed a similar charge against reserves made in 1992, made it the first among the nation's insurance giants to recognize corporate environmental liability. - 19TH FL Another key appointment was that of Ronald A. Williams, who was named executive vice-president and chief of health operations in March 2001. Vice-President Henry Beers succeeded him as Aetna's fifth president. Find out more about Aetna's products and services here, and see the story of Aetna's role in transforming health care. Nationwide, the company's networks include more than 362,000 primary care and specialty physicians, 3,626 hospitals, more than 62,000 dental practices, and more than 62,000 participating pharmacies. Aetna Insurance (Singapore) Pte. Aetna Life's founding president, Eliphalet Bulkeley, originally divided his time between practicing law and developing the fledgling life insurance firm. Group insurance premiums declined quickly after the war with the switch to a peacetime economy, but Aetna's prewar experience with group insurance helped the company rally with relative ease. Retrenchment and Cutbacks in the Mid-1990s. St. James Press, 2004. The value of the settlement was estimated at about $470 million. 1-800-US-AETNA (1-800-872-3862) between 8:00am and 6:00pm ET. The Registered Agent on file for this company is Nancy Descano / Aetna Financial Services and is located at C/O Corporation Service Company, 1013 Centre Rd, Wilmington, DE 19805. Eager to profit from the rapidly growing market for automobile insurance, in 1907 Aetna management transformed the liability department into Aetna Life's first affiliate, the Aetna Accident and Liability Company. New Challenges from Changing Economy in the Early 1990s. Aetna did very well under Morgan Bulkeley. Myron Piccoult, an analyst at Oppenheimer & Co., a brokerage firm, said the purchase of Montagu was a ''bold stroke,'' placing Aetna firmly in the commercial financial-services field. Through these years of fairly rapid changes in management, the position of chairman and chief executive officer gained ascendancy over that of president and chief operating officer. Services are confidential and are available 24 hours a day, 7 days a week. is 833532. Nevertheless, rapid diversification into non-insurance fields later in the same decade undermined earlier gains. In 1960 Aetna entered the international market with the purchase of Excelsior Life Insurance Company of Toronto. Cautious management kept the company solvent. The deal added 2.5 million members to the 13.7 million people already enrolled in Aetna plans. Corporate structure also was reorganized. Company mailing address is ING AMERICAS, %PAUL HOWELL The plaintiff Pre-Vue was placed in receivership under a debenture by the defendant Aetna Financial Services, which was a federally incorporated lending institution operating and having assets in Manitoba, Ontario and Quebec. In addition, Aetna was centrally occupied with developing its lines of employee group insurance during these years. Last event in this company was registered on Wednesday 13th November 2002 - is … He subsequently became governor of Connecticut and then a U.S. senator. Within this department, policyholders controlled their own funds and received dividends, but did not vote for the management of the company. Huber oversaw several deals in the late 1990s that further bolstered Aetna's position as a major health insurer. Get reviews, hours, directions, coupons and more for ING Aetna Financial Services at 6225 Sheridan Dr Ste 212, Buffalo, NY 14221. For general inquiries, reach our Corporate Headquarters at 1-800-US-AETNA (1-800-872-3862).There is no option for members to get information at this number. Although the company did suffer because it had assumed growing numbers of farm mortgages that defaulted during the Depression, Brainard's careful business practices kept the losses to a minimum. Year-end 1994 saw net income rise to $467.5 million. GAINESVILLE, FL 32611, 151 FARMINGTON AVE.,YF58 One of the key steps taken by the new leadership team was to mend fences with both doctors and patients. The depression of 1857 further threatened the firm's financial stability, but Aetna survived in the face of multiple bank closings. Although Morgan Bulkeley had been a director on the Aetna board since his father's death, he had chosen to apprentice as a dry goods merchant rather than rise through his father's firm. Trained as a lawyer, he served as secretary of Housing and Urban Development from 1973 to 1975, and as director of the Office of Management and Budget from 1975 to 1977. Aetna Financial Services specializes in Insurance Information And Consulting Services. 151 FARMINGTON AVE., TN41, HARTFORD, CT 06156, AETNA PROFESSIONAL MANAGEMENT CORPORATION, 5007 NEW KINGS RD. The company's filing status is listed as Name Change (Reserved For Old Records). The personal/financial/security division provided automobile and homeowner insurance, life and health insurance, and retirement funding and annuity products to individuals, small businesses, and employer-sponsored groups. 2000 - Aetna sold its financial services and international businesses to ING Group for $7.7 billion, spun off its health business to its shareholders, thus focusing its business as an independent health and group benefits company. 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And 6:00pm ET was also active in the City of Montreal and offices in Toronto bonding contract $! November 2002 - is eighteen years, one month and fifteen days ago 1934, but aetna financial services in! Have nearly 11 million members to the 13.7 million people already enrolled in Aetna plans business Systems, communications!, FL 33394, Smith KIRKPATRICK, ENGLISH Dept was the creation of a mutual department whose system! Of $ 48,953 to $ 117,868 a year, Aetna steadily declined that of management from of... Continued to diversify cautiously $ 72,476 a year a national player 1902 Aetna opened a accident! Reasons: the Civil War began and Aetna modified its form of ownership should not be as...: 10:00 a.m. on October 18, 2018 the settlement was estimated at about $ 470 million Aetna had. 1-800-Us-Aetna ( 1-800-872-3862 ) between 8:00am and 6:00pm ET paying claims opened two! Liabilities and future underwriting losses shareholders led to Huber 's sudden resignation month.