Unum expands portfolio with $127 million deal
Unum Group, which has 2,800 employees in Portland, acquired a Louisiana insurance company.
Unum (NYSE: UNM), which is based in Chattanooga, Tenn., entered into an agreement to buy H&J Capital LLC, parent of Starmount Life Insurance Co. and AlwaysCare Benefits, for $127 million plus net assets.
The deal expands Unum’s portfolio of workplace financial protection products.
“We are excited to be adding Starmount’s capabilities to our market-leading offerings in the workplace,” said Unum President and CEO Rick McKenney. “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.”
Unum is a leading nationwide provider of financial protection benefits at work, including disability, life and supplemental health products. Starmount covers more than 940,000 lives nationally, manages in-force annualized premium in excess of $180 million and has access to significant national dental and vision networks.
Unum was chartered as Unum Mutual in Maine in 1848 and had its original headquarters in Boston before moving to Portland in 1881, according to its history. While headquartered in Tennessee, Portland is its largest campus.
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