Unum Group has agreed to acquire UK-based National Dental Plan (NDP) from Capita, for around $49.5m (£31.7m).
NDP provides dental insurance through the workplace in the UK. The acquired business will expand Unum’s UK portfolio of employee benefits products and services.
Unum UK CEO Peter O’Donnell said: "Dental insurance is a fast-growing market in the UK and a natural fit with our existing portfolio as Unum looks to grow its employee benefits footprint."
Founded in 1987, NDP offers dental insurance plans to employees at the worksite, including multiple FTSE 100 companies. It generated premium of around $24m (£14.5m) in 2014.
The company intends to run NDP as a separate business unit within the Unum UK business.
Unum Group president and CEO Richard McKenney said: "The acquisition of NDP by Unum brings together best-in-class dental coverage and Unum’s market-leading employee benefits distribution system."
Subject to regulatory approval, the deal is expected to complete by the end of third quarter this year.
Unum provides financial protection benefits and services in the US and the UK. It products cover group income protection, group critical illness and group life insurance.