The purchase of CAIC for $100 million was funded with internal capital

Aflac, a Georgia-based insurance company, has completed the acquisition of Continental American Insurance Company (CAIC). Reportedly, the purchase of CAIC for $100 million was funded with internal capital.

Paul Amos II, chief operating officer of Aflac US and president of Aflac, said: “By adding CAIC’s group policies to our roster of individually underwritten insurance offerings, we have positioned our sales force to serve a wider variety of customers and brokers with more choices than ever before.”

“I’m looking forward to working with Chris Goodall. As CEO of CAIC, Mr. Goodall has provided focused leadership that has benefited CAIC’s employees and customers, and we believe his leadership will continue to benefit us as CAIC and Aflac join forces. CAIC shares Aflac’s strong set of values, corporate culture and commitment to service. We anticipate a smooth transition, and once fully integrated, we expect that this purchase will modestly benefit 2010 consolidated earnings,” he added.