Aflac has entered into an agreement to acquire Florida-based Argus Holdings and its subsidiary Argus Dental & Vision, a benefits organisation and national network dental and vision company.
Founded in 2006, Argus claims to service nearly one million dental and vision members, offering benefits management solutions to Medicare Advantage, Medicaid, and Children’s Health Insurance Program (CHIP) carriers.
Furthermore, it provides both group and individual network dental and vision insurance plans to employers and individuals.
The company is a licenced Pre-Paid Limited Health Service Organization (PLHSO) and a Discount Plan Organization (DPO) in Florida and acts as a Third-Party Administrator (TPA) in 48 states. It is also licenced as a Discount Health Care Program Operator in Texas.
With a workforce of more than 120 employees, Argus will continue with its headquarters in Tampa, Florida, under the leadership of its president and CEO Nicholas Kavouklis.
Additionally, Tampa will now serve as the home for Aflac U.S. Network Dental and Vision platform.
Aflac U.S. president Teresa White said: “We are very excited to have Argus join the Aflac family as we move closer to fulfilling our vision of being the number one distributor of benefit solutions to the U.S. workforce.
“This strategic transaction is a perfect fit as we enhance our core supplemental products with the network dental and vision offerings of Argus to meet the needs of the market.”
According to Aflac, the transaction will not alter its earnings or capital management outlook for this year and is not expected to impact the company’s US sales guidance for the year.
Argus president and CEO Nicholas Kavouklis said: “Aflac shares Argus’ values of putting the customer first and providing solutions tailored to fit customers’ needs.
“We look forward to joining the Aflac team and continuing to provide best-in-class service to our benefit management clients while providing a U.S. platform in support of Aflac’s strategy to be a leader in providing network dental and vision offerings to employers.”
Subject to regulatory approvals and customary closing conditions, the deal could be closed in the fourth quarter of this year.