CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
Unum today announced the acquisition of National Dental Plan, a leading
provider in the U.K. of dental insurance through the workplace. This
adds a valuable offering to the Unum UK portfolio of employee benefits
products and services.
“Dental insurance is a fast-growing market in the U.K. and a natural fit
with our existing portfolio as Unum looks to grow its employee benefits
footprint,” said Unum UK CEO Peter O’Donnell. “Together we will leverage
our respective strengths and accelerate our growth ambitions.”
Unum acquired NDP from Capita plc in a deal worth approximately $49.5
million (£31.7 million). The sale completion is pending regulatory
approval, with closing anticipated by the end of the third quarter.
“The acquisition of NDP by Unum brings together best-in-class dental
coverage and Unum’s market-leading employee benefits distribution
system,” said Unum Group President and CEO Richard P. McKenney. “We
believe the U.K. dental insurance market offers opportunities for growth
in employee benefits.”
Unum, a leading provider of financial protection benefits and services
in the U.S. and U.K., will maintain NDP as a separate business unit
within the Unum UK business.
“We see NDP as a complementary business to our existing operations, and
Unum will retain NDP’s current management and employees,” O’Donnell
said. “They are vital for implementing our strategic vision, as well as
continuing to deliver NDP’s great service to their existing 500
corporate customers and 150,000 insured employees.”
Unum’s purchase of NDP creates tremendous potential to expand access to
dental insurance through the worksite, said NDP Managing Director Andrew
Bower.
“We’re excited by the opportunity to broaden the reach of our
proposition, and thereby continue to build strong foundations for the
continuity, growth and prosperity of this business,” Bower said.
Unum is one of the U.K.’s largest providers of group risk products
including group income protection, group critical illness and group life
insurance. Originally established in 1848, Unum is a Fortune 500 company
that has a global presence with nearly 10,000 employees across its
network of offices in the U.S. and U.K.
NDP, established in 1987, provides employees with access to high
quality dental insurance plans at the worksite, including a number of
FTSE 100 companies. It reported premium of approximately $24 million
(£14.5 million) for 2014. NDP has delivered exceptionally high and
consistent customer retention rates and continues to receive outstanding
client, member and broker testimonials.
ABOUT UNUM GROUP
Unum Group (www.unum.com)
is a leading provider of financial protection benefits in the United
States and the United Kingdom. Its primary businesses are Unum US,
Colonial Life and Unum UK. Unum’s portfolio includes disability, life,
accident and critical illness coverage, which help protect millions of
working people and their families in the event of an illness or injury.
The company reported revenues of $10.5 billion in 2014, and provided
$6.7 billion in benefits.
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Unum Group
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Barnett, 423-294-7498
or
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423-294-6300 or 866-750-8686
Source: Unum Group