US-based Unum has signed an agreement to acquire H&J Capital, parent of Starmount Life Insurance and AlwaysCare Benefits (Starmount), for $127m.
The deal, which will also include the acquisition of Starmount’s net assets, is expected to expand Unum’s portfolio of workplace financial protection products.
Established in 1983, Starmount provides individual products, including dental, vision, life and accident, for its customers. It markets these products in 49 states and the District of Columbia under Starmount Life brand.
The company also provides group and voluntary benefit products under AlwaysCare Benefits brand. These products comprise of dental, vision, life, disability, critical illness and accident.
With coverage of over 940,000 lives across the US, Starmount manages in-force annualized premium of more than $180m.
Unum president and CEO Rick McKenney said: "We are excited to be adding Starmount’s capabilities to our market-leading offerings in the workplace.
"This strategic transaction is a perfect fit for both our Unum US and Colonial Life businesses, as we expand our customer relationships in pursuit of our growth objectives."
Subject to regulatory approvals and customary closing conditions, the deal is expected to complete by the end of the third quarter this year.
Unum Group operates businesses, including Unum US, Colonial Life and Unum UK. They provide products such as disability, life, accident and critical illness coverage for the customers.
Image: Unum to acquire Starmount Life Insurance and AlwaysCare Benefits. Photo: courtesy of adamr / FreeDigitalPhotos.net.