Unum acquires California dental HMO
Insurance provider Unum Group (NYSE: UNM), which employs 2,800 people in Maine, has acquired Jaimini Health Inc., a dental health maintenance organization headquartered in Rancho Cucamonga, Calif.
Terms were not disclosed Friday in a Unum news release announcing the deal.
The purchase of Jaimini, which operates as PrimeCare Dental Plan and serves most of California, comes two years after Unum acquired Starmount Life Insurance Co., a Louisiana dental and vision insurer, for $127 million.
With Starmount, Unum introduced preferred provider-based dental and vision plans nationally in 2017, and now plans to expand its dental business through the Jaimini acquisition.
“The acquisition is Unum’s first step to building out dental HMO products in California and potentially in other markets, as dental HMO plans are new territory for Unum,” said spokeswoman Andrea Randall.
“Although Unum has experienced success with its dental PPO products, the company realized that certain areas have a high demand for dental HMO plans, including California.”
Jaimini will serve as a satellite office and an extension of Starmount’s operations, according to the release. Unum also expects to use the acquisition to roll out dental HMO plans under its own name sometime around the third quarter next year.
The deal does not change Unum’s earning outlook for 2018, and is expected to be neutral or accretive to 2018 earnings per share, the company said.
Unum is headquartered in Chattanooga, Tenn., but was chartered as Union Mutual Life Insurance in Maine in 1848. The company reported revenues of $11.3 billion in 2017 and provided nearly $7 billion in benefits.
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