AFLAC and Zurich North America have entered into an agreement for AFLAC to purchase Zurich North America’s US corporate life and pensions business. It’s their group benefits division.
Of course all kinds of regulatory approvals are needed and there are conditions to close but you can expect the transaction to be complete sometime in the second half of 2020. Zurich’s employees will go along with the purchase.
No purchase price has been mentioned but the Zurich unit brings in about $115 million a year.
AFLAC’s US President is Teresa White. She says what this does for AFLAC is give it an employee benefit products service that it can provide to clients who work globally but have a U.S. presence.
“We are very excited to acquire the group benefits platform of Zurich North America,” White said. “This strategic transaction further enhances our value proposition to brokers and employers and aligns with our vision of being the number one distributor of benefit solutions to the US workforce.”
Source link: Insurance Business America