Aflac Incorporated acquired Continental American Insurance Group (CAIC) / Aflac Group Insurance for $100 million, a transaction completed in October 2009, structured as cash purchase.
In the fourth quarter of 2009 Aflac's parent company closed a $100 million purchase of Continental American Insurance Group, Inc. (CAIG) and its wholly owned subsidiary Continental American Insurance Company (CAIC), based in Columbia, South Carolina. After closing, CAIG was merged into a wholly owned LLC so that CAIC sat directly under the parent. The business combination added roughly $97 million of net assets at fair value, with only an immaterial amount of goodwill and intangibles recognized. CAIC was later branded as Aflac Group Insurance.
The deal gave Aflac U.S. a platform for offering voluntary group insurance products suited to distribution by insurance brokers at the worksite, extending Aflac beyond its core individually issued policies.
During the fourth quarter of 2009, the Parent Company closed its $100 million purchase of Continental American Insurance Group, Inc. (CAIG), which includes its wholly owned subsidiary CAIC. ... CAIC is headquartered in Columbia, South Carolina, and equips Aflac U.S. with a platform for offering attractive voluntary group insurance products that are well-suited for distribution by insurance brokers at the worksite.
Advisory firms were not disclosed for this transaction.