Aetna Financial Services, Inc. is a West Virginia Foreign C | Corporation filed on June 16, 1970. Within this department, policyholders controlled their own funds and received dividends, but did not vote for the management of the company. 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. 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. Aetna Financial Services, Inc. is a North Dakota Foreign Corporation - Business filed on March 16, 1970. In 1912 Aetna offered the first comprehensive auto policy, providing all kinds of auto insurance in one contract, and in 1913 a second Aetna affiliate was formed, the Automobile Insurance Company. HARTFORD, CT 06156, 185 ASYLUM AVE. %SIDNEY A. KEYLES, COUNSEL This policy once again proved profitable for Aetna: earnings more than doubled from 1984 to 1985, with record increases in 1986 and 1987. During this period the company regained its financial footing in part by hiring its first midwestern agent, a Connecticut man, who opened an office in Wisconsin to serve the burgeoning market in those states. Aetna health plans cover about 13 million individuals, and its dental plans have nearly 11 million members. The company's filing status is listed as Withdrawn and its File Number is 0882601. Retrenchment and Cutbacks in the Mid-1990s. Losses taken against plummeting real estate prices in the northeast further eroded earnings in 1991 because of the company's extensive property holdings. 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. Unlike his uncle, Brainard was a company man. 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. Financial Services insurance life insurance Aetna is a health care benefits company. Year-end 1994 saw net income rise to $467.5 million. 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. AETNA FINANCIAL SERVICES, INC. is a Foreign Profit Corporation. The company's filing status is listed as Inactive - Voluntary and its File Number is 0000012830. 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. 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. Phone number. 151 FARMINGTON AVE., TN41, HARTFORD, CT 06156, AETNA PROFESSIONAL MANAGEMENT CORPORATION, 5007 NEW KINGS RD. AETNA FINANCIAL SERVICES, INC. was incorporated on Friday 27th December 1974 so company age is fourty-six years, nine days. What remained of Aetna--the company's international and financial services units--was acquired by ING for about $7.75 billion. 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. Copyright (c) 2019 Company-Histories.com. Mounting pressure from shareholders led to Huber's sudden resignation that month. is 833532. Because of the drop in membership, Aetna was no longer the nation's largest managed-care insurer, but it appeared to be a stronger company. ), c. 33, with its head office in the City of Montreal and offices in Toronto. Plagued by natural disasters and bad weather for the remainder of the year--the winter storms during the fourth quarter alone generated almost 18,000 claims totaling $118 million--as well as a $55 million charge for withdrawing its automobile insurance services from Massachusetts, the company saw its 1992 net income eroded to $56 million. Net income for 1991 was reported at only $505 million, the downturn aggravated by property claims resulting from Hurricane Bob. Principal Competitors: Anthem, Inc.; UnitedHealth Group Incorporated; Blue Cross and Blue Shield Association; Kaiser Foundation Health Plan, Inc.; CIGNA Corporation; Humana Inc.; PacifiCare Health Systems, Inc.; Health Net, Inc. He subsequently became governor of Connecticut and then a U.S. senator. 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. 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. When Morgan Bulkeley died in 1922, Morgan Bulkeley Brainard, grandson of Eliphalet Bulkeley, succeeded his uncle as president. The Registered Agent on file for this company is Nd Secretary Of State (N.D.C.C. He disliked the speculative nature of dividend payment and could not countenance an approach to management that divided responsibility among all policyholders. In the postwar years, Aetna continued to diversify cautiously. 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." 1-800-US-AETNA (1-800-872-3862) between 8:00am and 6:00pm ET. It began providing clearer information on coverage to both doctors and patients, speeded up payments, and reduced red tape. 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. Hired away from Aetna rival WellPoint Health Networks, Williams was promoted to president of Aetna in May 2002. Accordingly, Brainard focused on efficiency of administration, concentrating particularly on relations and communications with agents in the field. 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. In 1916 Aetna Auto began to offer marine insurance, a line that was greatly broadened during World War I. Finally, we can read about how these great companies came about with Company Histories.. Particularly ill-fated acquisitions were Geosource Inc., an oilfield services concern, and Satellite Business Systems, a communications firm. The deal closed in April 1996. Bulkeley had presided over Aetna during the speculative postwar years, and had maintained careful control of the risks the company assumed. 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. Establishment by Prominent New England Lawyer: 1850s-60s. ; Unlimited users - Assign an unlimited number of administrative and general users at your practice. . In 1981 the company reorganized its operations into five insurance divisions. In addition, in a move that would become much more important in subsequent decades, Aetna created a health maintenance organization (HMO) subsidiary in 1973. 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. We have no data about company previous names. Back to the Insurance Basics in the 1980s. In desperate straits following the policy change and weakened by the financial crisis of the 1870s, Aetna steadily declined. 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. PT Asuransi Central Asia (CRN KEP-2097/MD/1986) Mall Ambassador Ruko 2 & 3 Jl. For a few years, this new company issued all the new forms of insurance Aetna offered, but soon further diversification was necessary. 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 1902 Aetna opened a separate accident and liability department to handle employers' liability and workmen's collective insurance. The company began squeezing both doctors and patients to improve profits. JACKSONVILLE, FL 32203, ONE FINANCIAL PLAZA His primary interest was in politics. 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. learn how over 7,000 companies got started! Huber oversaw several deals in the late 1990s that further bolstered Aetna's position as a major health insurer. 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. In the late 1960s Aetna experienced a sharp drop in earnings, a trend that reflected an industrywide increase in claims. HARTFORD, CT 06156. HARTFORD, CT 06156, % CHARLES H. KLIPPEL, YFF1 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. Diversification Followed by Reorganization in the 1970s. Search for other Financial Services in Buffalo on The Real Yellow Pages®. The year 1861 was important for Aetna for two reasons: the Civil War began and Aetna modified its form of ownership. Financial services can help you with: Aetna Resources For Living. It also completed several acquisitions during this period to build its health business into a national player. Brainard, by contrast, intended to initiate a new style of leadership. Our financial results. The value of the settlement was estimated at about $470 million. ET. However, a new state insurance regulation passed in nearby New York state in 1849, and strengthened in 1853, prohibited the same company from providing both fire and life insurance. You can find this business by geo coordinates: 41° 46' 1.7" N , 72° 41' 28.5" W. 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. - 19TH FL The Automobile Insurance Company, one of Aetna Life's affiliated companies, had contributed to the spectacular increases of the 1920s. 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. 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. Many canceled their policies, and new policyholders were not forthcoming. In 1913 Aetna formed a group department to sell group life insurance. All rights reserved. Company mailing address is ING AMERICAS, %PAUL HOWELL To gain antitrust approval from the U.S. Department of Justice, Aetna had to divest its NYLCare HMO businesses in Dallas and Houston. Aetna Insurance (Singapore) Pte. The Registered Agent on file for this company is Secretary Of State and is located at 2 South Salisbury Street, Raleigh, NC 27601. In addition, Aetna was centrally occupied with developing its lines of employee group insurance during these years. It offers medicare, health coverage, dental, vision, supplemental, pharmacy, and medicaid plans as well as international health insurance solutions. It turned out that Aetna had made this acquisition at a peak point and, therefore, had paid a premium price. If you are a resident of Connecticut, call 1-860-273-0123. Ronald E. Compton became president of Aetna in 1988. Of the members in Aetna's health plans, 36 percent are enrolled in health maintenance organizations (HMOs), 34 percent in preferred provider organizations (PPOs), 17 percent in point-of-service (POS) plans, and 11 percent in traditional indemnity plans. Pressure from the public and from competing insurance companies helped change Bulkeley's mind. In February 1998 Huber was named chairman as well, succeeding the retiring Compton. In 1968 Aetna was first listed on the New York Stock Exchange. Vice-President Henry Beers succeeded him as Aetna's fifth president. The new approach worked. ), c. 33, with its head office in the City of Montreal and offices in Toronto. In addition to health insurance, the company offers dental, pharmacy, group life, disability, and long-term-care products. In 1972 John H. Filer succeeded Smith as chairman, and Donald M. Johnson was named president in 1970. The result was the creation of a mutual department whose accounting system was separate from that of management. Reserves were increased to cover liabilities and future underwriting losses. Company Number assigned to this company Group disability policies were offered for the first time in 1919. The Financial Services Program is independently offered and administered by MLPF&S. Last event in this company was registered on Wednesday 13th November 2002 - is … Following college, law school, and two years in a law firm, he joined Aetna as assistant treasurer, later becoming treasurer and then vice-president. 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. NOTICE OF PUBLIC HEARING. Single log-in. Divesting Global Health and Global Financial Services in 2000. LAW DEPT. Later that same year Aetna purchased the Participating Annuity Life Insurance Company, becoming the first major insurance firm to enter the variable annuity market. ; Multiple delivery options - Receive remittance advices in the way you prefer-including 835, EPRA or PPRA. Such expansion, however, did not come without costs. In 1976 William O. Bailey succeeded Johnson. ET. The parent company Aetna Life & Casualty was renamed Aetna Inc., with the company realigning itself around the new name and new identity. The American Medical Association was also against the deal, arguing that it would give Aetna too much power over physicians and be bad for consumers as well. is the brand name used for products and services offered through the Aetna group of subsidiary companies. Meanwhile, the Aetna Accident and Liability Company was expanding its business in fidelity and surety bonds, and in 1917 changed its name to the Aetna Casualty and Surety Company. UNIVERSITY OF FLORIDA Aetna's success was in large part due to innovations in forms of insurance. Worklife Balance With Beers's inauguration, the long history of family control ended and a new era of shorter presidencies began. This crisis during the mid-1920s helped prepare Aetna for the economic shock of the Great Depression. Bulkeley died in 1872 and was succeeded by Thomas O. Enders, who had served as both a clerk and secretary for the firm. ING remained interested in a deal, however, and in July the two parties reached an agreement. To learn more about Aetna insurance products or to receive a quote, you may visit the Aetna website or call 1-800-US-AETNA (1-800-872-3862) between the hours of 7:00 a.m. and 7:00 p.m. 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. Rowe was appointed chairman of Aetna as well in April 2001. 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. 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. To turn around the troubled company, Donaldson brought John W. Rowe onboard as president and CEO in September 2000. Aetna changed many of the restrictive policies that it had implemented in an attempt to contain costs. In 1922 life insurance in force was $1.3 billion. The marine division of the affiliate had expanded swiftly during the war years, but had exercised poor judgment in the selection of risks, especially following World War I, when solicitation of marine business should have been curtailed. 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. US Federal EIN/TIN number of this company is 06-0858223. Get reviews, hours, directions, coupons and more for ING Aetna Financial Services at 6225 Sheridan Dr Ste 212, Buffalo, NY 14221. Income declined in the early 1980s. Continuing its slide, Aetna posted a net loss of $365 million in 1993, although much of that loss was attributable to charges related to downsizing. After reporting a net loss of $279.6 million in 2001, the firm was profitable the following year before the effects of a charge taken because of a change in accounting principles. Until then, Aetna and most other insurance companies had accepted interest-bearing notes as half payment for premiums. Bulkeley maintained firm control over both his government office and his corporate office. William H. Donaldson, cofounder of the investment banking firm Donaldson, Lufkin & Jenrette, Inc., was named chairman and CEO. Last event in this company was registered on Wednesday 13th November 2002 - is eighteen years, one month and fifteen days ago. I have got to surround myself with as able a group of men as I possibly can." Enter username and password to access your secure Voya Financial account for retirement, insurance and investments. World War II finally helped pull Aetna and the nation out of the Depression. Seeking security during the uncertain war years, many people bought life insurance policies for the first time. TN41 Health benefits and health insurance plans contain exclusions and limitations. 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. While pulling out of the auto insurance market, the company was investing heavily in the growing field of managed healthcare insurance. 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. HARTFORD, CT 06156, 151 Farmington Avenue 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. Aetna offers plans to businesses large and small, in all 50 states. In 1911 Bulkeley lost his senate seat and returned full-time to his position with Aetna. The firm as a whole continued as an investor-owned company with all the efficiency of management Bulkeley believed was inherent in that arrangement. In addition, Aetna modified its form of investor ownership to permit policyholders to control their own funds in a separate mutual department that operated within the overall management structure. The company also divested itself of its American Re-Insurance subsidiary in September 1992, selling it to American Re Corporation for $1.31 billion and raising much needed cash. In the fluctuating economic climate of the 1990s, Aetna began to redraw its traditional market sector, as well as to reorganize its three domestic insurance divisions into 15 strategic business units. Aetna Financial Services specializes in Insurance Information And Consulting Services. SM. Aetna Global Benefits (Asia Pacific) Limited. AETNA FINANCIAL SERVICES, INC. register office address is To facilitate flexible management of these expanding operations and allow diversification into non-insurance fields, Aetna Life & Casualty Company, a holding company, was created in 1967 with subsidiaries Aetna Life Insurance Company, Aetna Casualty and Surety, Standard Fire Insurance, and the Automobile Insurance Company. In 1962 Beers became chairman and J.A. Salaries at Aetna, Inc. range from an average of $48,953 to $117,868 a year. In 1984 James T. Lynn became chairman and CEO. 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. Series of Health Insurance Acquisitions in the Late 1990s. 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. 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. 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. 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). Streamlining Procedures Under a New President in the 1920s. 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. Cautious management kept the company solvent. Nevertheless, rapid diversification into non-insurance fields later in the same decade undermined earlier gains. Corporate structure also was reorganized. Services are confidential and are available 24 hours a day, 7 days a week. Ordinary life insurance premiums remained almost steady during World War II, but group insurance rose dramatically, increasing overall premium income by almost 65 percent. Originally, Bulkeley had resisted the mutual plan that placed ownership in the hands of policyholders. 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. 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 opened up two new lines of business during these difficult years: pensions in 1930 and group hospitalization policies in 1936. 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. The complicated transaction was completed in December 2000. In April 1996 the company paid $8.9 billion for HMO provider U.S. Healthcare, Inc., transforming Aetna into the nation's largest managed healthcare provider. Aetna Financial Services, Inc. is a North Carolina Business Corporation filed on March 6, 1970. Policyholder Resistance to Changes in the Insurance Industry in the Late 19th Century. Another key appointment was that of Ronald A. Williams, who was named executive vice-president and chief of health operations in March 2001. AETNA LIFE & CASUALTY CO./151 FARMINGTON "Where Governor Bulkeley could bring men around him and have them work for him by the inspiration of his presence, I cannot. Between 1995 and 2000, however, Aetna shed the bulk of its operations that fell outside of health insurance and related group benefits. The $2.97 billion charge translated into a net loss of $2.65 billion. 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