Unum Corp. has agreed to buy a group and individual risk protection provider in Poland to help expand its European presence.
Unum said Tuesday it will acquire Pramerica Zycie TUiR SA from a subsidiary of Prudential Financial Inc. Terms of the purchase, which will mark Unum’s entry into Poland, were not disclosed.
“Growth of the Unum franchise through strategic acquisitions is an important avenue for us,” Unum President and CEO Rick McKenney said in a statement. “The purchase of Pramerica Zycie opens an opportunity to expand our European footprint into Poland, an attractive market for financial protection benefits. Pramerica Zycie is an excellent fit for Unum, with a shared focus of delivering financial protection to individuals and families when they need it most.”
The Chattanooga-based Unum is the world’s largest disability insurer and one of the leading providers of employee benefits products and services.
Pramerica Zycie will remain a stand-alone business reporting to Unum UK President and CEO Peter O’Donnell.