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Aflac To Buy CAIC

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Aflac Inc. plans to pay $100 million for Continental American Insurance Company.

CAIC, Columbia, S.C., is a privately owned company that sells insurance at the worksite through insurance brokers.

CAIC generated $7 million in net income in 2008 on $79 million in revenue. It ended 2008 with $104 million in assets and $33 million in capital and surplus.

Aflac, Columbus, Ga., says it will pay for the purchase with internal capital and that it expects to complete the deal between Sept. 30 and Dec. 31.