Unum, a provider of disability, life and other insurance products, has bought the parent company of Starmount Life Insurance Co. and AlwaysCare Benefits for $127 million.
The deal was announced in a news release from Unum, which is based in Chattanooga, Tennessee, and operates a facility in Portland that employs 2,800.
Unum said it has entered into a definitive agreement to acquire Baton Rouge-based H&J Capital LLC, the corporate parent of Starmount and AlwaysCare, which is a dental and vision benefits company. Starmount covers more than 940,000 people nationally and manages annualized premiums in excess of $180 million. The deal is expected to close in the third quarter of the year.
Starmount markets individual products under the Starmount Life brand, including dental, vision, life and accident. Its group and voluntary benefits are marketed under the AlwaysCare Benefits brand and include dental, vision, life, disability, critical illness and accident.
“We see strong demand for dental and vision insurance, and the Starmount business will help us expand access to these benefits at the workplace,” Unum U.S. President Mike Simonds said.
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