UnumProvident facing $20 million in claims

PORTLAND – UnumProvident’s exposure to claims resulting from last week’s terrorist attacks is not as great as some other insurers, according to an analyst who tracks Maine companies.

UnumProvident, which has headquarters in Portland and Chattanooga, Tenn., has indicated it expects to process no more than $20 million in claims, said Brad McCurtain, president of Maine Securities.

That’s a small portion of the $20 billion figure the insurance industry has cited for anticipated claims after last Tuesday’s attacks in Washington, New York and Pennsylvania.

If UnumProvident’s exposure had been greater, the sell-off of its stock would have been greater, McCurtain said.

As it was, UnumProvident lost $1.91 a share to close at $25.16 on the New York Stock Exchange on Monday, the first day of trading since the attacks. The company recovered some on Tuesday when the stock closed at $26 per share.