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.
The CAIC products should complement Aflac’s own individually underwritten products, according to Aflac President Paul Amos II.
Chris Goodall, the chief executive of CAIC, will be joining Aflac, Aflac says.