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Unum Group to acquire Starmount Life Insurance, AlwaysCare Benefits

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Unum Group to acquire Starmount Life Insurance, AlwaysCare Benefits

Unum Groupsaid April 4 that it agreed to acquire H&J Capital LLC, parent of andAlwaysCare Benefits.

Starmount Life Insurance and AlwaysCare Benefits, licensed in49 states and the District of Columbia, markets individual products under the StarmountLife brand, including dental, vision, life and accident. Group and voluntary benefitsare marketed under the AlwaysCare Benefits brand and include dental, vision, life,disability, critical illness and accident.

Unum is acquiring Starmount Life Insurance and AlwaysCare Benefitsfor $127 million plus net assets. The transaction will not alter the company's earningsor capital management outlook for 2016. It is expected to be neutral to accretiveto Unum's EPS in 2017.

Starmount Life Insurance and AlwaysCare Benefits will remainheadquartered in Baton Rouge, La., with a leadership team including CEO Erich Sternbergand President Deborah Sternberg and the entire staff of more than 220 employees.

The acquisition will expand Unum's portfolio of workplace financialprotection products. The transaction is expected to be completed by the end of thethird quarter, subject to regulatory approvals and customary closing conditions.

Barclays Capital served as financial adviser to Unum, while SutherlandAsbill & Brennan LLP served as its legal adviser. MTS Health Partners LP servedas financial adviser to Starmount Life Insurance and AlwaysCare Benefits, whileBass Berry & Sims PLC served as their legal adviser.