Tennessee-based Unum announced today it will purchased Baton Rouge-based Starmount Life Insurance Co. and AlwaysCare Benefits for $127 million plus net assets.
Starmount covers more than 940,000 lives nationally, manages in-force annualized premiums in excess of $180 million and has access to significant national dental and vision networks, according to a news release announcing the deal.
According to Business Report’s 2015 listing of the Capital Region’s top 100 private companies, Starmount was the 53rd largest company in the area, with revenues of approximately $98.5 million in 2014.
Starmount, which was founded by the Sternberg family in 1983, will remain headquartered in Baton Rouge. The company is licensed in 49 states and the District of Columbia and 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.
Unum, which is acquiring Starmount’s parent company, H&J Capital, is a leading nationwide provider of financial protection benefits at work, including disability, life and supplemental health products, the news release says.
“We are excited to be adding Starmount’s capabilities to our market-leading offerings in the workplace,” says Unum President and CEO Rick McKenney in a statement. “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.”
