Aflac Inc. may be about to compete harder for group business at large employers.
The Columbus, Georgia, company has agreed to acquire Zurich North America’s U.S. corporate life and pensions business. The business is best known for its group life, disability and absence management products.
(Related: Aflac Adds Group Worksite Life Product)
Traditionally, Aflac has been best known for selling individual products at the worksite.
Aflac is making the Zurich North America group benefits deal by having a subsidiary based in Georgia and a subsidiary based in New York reinsure Zurich North America’s U.S. in-force group life and disability policies, Aflac says.
The business being reinsured generates about $115 million in annualized earned premium.
Aflac will also get the assets needed to support the group life and disability business written, an absence management program, and the assets and employees of a group benefits support organization, Benefit Harbor Insurance Services.
Zurich has agreed to offer Aflac group benefits products to Zurich clients that have employees in the United States.