Insurer Aflac Inc. has completed its acquisition of Continental American Insurance Co. (CAIC). The company said the purchase of CAIC for $100 million was funded with internal capital.
The deal adds group workplace policies to Aflac’s line of individual policies and expands its broker network, according to Paul S. Amos II, president of Aflac U.S.
Originally founded as Carolina Continental Insurance Co. in 1980, CAIC offers voluntary group insurance products that are distributed by insurance brokers at the worksite. CAIC produced total revenues of $79 million and net income of $7 million in 2008. At the end of 2008, CAIC’s admitted assets were $104 million and capital and surplus was $33 million.
Aflac products give policyholders cash when a life-interrupting medical event causes financial challenges. It is the number one provider of guaranteed-renewable insurance in the U.S. and the number one insurance company in terms of individual insurance policies in force in Japan.
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