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Aflac Completes Continental Deal

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Aflac Inc. has executed previously announced plans to acquire Continental American Insurance Company for $100 million in cash.

CAIC, Columbia, S.C., was founded in 1980 and has specialized in selling insurance products at the worksite.

The privately owned company generated $7 million in net income in 2008 on $79 million in revenue, according to Aflac, Columbus, Ga. CAIC ended 2008 with $104 million in assets and $33 million in capital and surplus.