Insurer Unum on Wednesday marked 175 years in business at a “birthday party” that officials said was likely the most employees gathered at its downtown Chattanooga headquarters since the pandemic.
“I hope you’re excited about the things the company did over many decades,” said Rick McKenney, Unum’s chief executive, at a noon event that offered food and games to nearly 2,000 people.
McKenney said the company, which traces its start to 1848 when Union Mutual was chartered in Maine, is positioned to continue to move forward and grow its business.
Through Unum’s 175 Caring Spirit Moments initiative in 2023, its goal was to complete at least 175 volunteer and giving opportunities throughout the year, and it has already surpassed that number at almost 250, the company said.
Unum, employing about 3,000 people in Tennessee and 11,000 worldwide, offers voluntary benefits at employers’ workplaces such disability, life, dental and vision insurance. It covered a record 45 million people last year, according to Chattanooga’s biggest locally based company.
Chattanooga Mayor Tim Kelly told the group that companies such as Unum are “essential to the lifeblood of downtown.”
“People choose to be here because of quality of life and culture,” he said.
Kelly said he recalled a time a couple of decades ago when Unum “wasn’t in great shape.”
After the company’s start 175 years ago as Union Mutual, it later became Unum. In 1887, Provident Life and Accident Insurance Co. was founded in Chattanooga.
A series of mergers and acquisitions from 1993 to 1999 by Unum, Provident, Paul Revere and Colonial Life created what was known as UnumProvident and later Unum. Chattanooga became the headquarters of the insurance powerhouse.
While the combined company initially stumbled executing its business plan with the share price of its stock tumbling, it later regrouped.
Unum timeline
— 1848: Union Mutual chartered in Maine, later becomes Unum.
— 1864: American reinsurance market born when Union Mutual reinsures Chicago Mutual Life.
— 1887: Provident Life and Accident Insurance Co. founded in Chattanooga, gets start by insuring railroad workers.
— 1937: Colonial Life and Accident Insurance Co. founded in South Carolina in 1937.
— 1939: Provident becomes first insurer to offer disability benefits.
— 1990: Unum expands to United Kingdom.
— 1993: Mergers and acquisitions from 1993 to 1999 combine Unum, Provident, Paul Revere and Colonial Life. Initially known as UnumProvident, the company becomes Unum Group in 2007.
— 1999: UnumProvident becomes first to offer employee assistance plan with group disability coverage.
— 2015: Unum expands to dental market with acquisitions of National Dental Plan and Starmount Life. Starmount also offers vision coverage.
— 2023: Company celebrates 175 years.
Source: Unum
Last year saw revenues climb to a record $12 billion, with total earnings hitting $1.3 billion, said McKenney, the 54-year-old CEO who took the company’s helm in 2015.
McKenney said in an interview that the company is “proud to be in Chattanooga.” He said it was about 20 years ago when the decision was made for the combined company to have its headquarters in the city.
Kelly said in an interview that it’s “a fantastic testament to Chattanooga” that Unum calls the city home.
He mentioned Unum’s efforts working with the nonprofit downtown development group River City Co. to repurpose some of its parking lots and put more residences in the central city.
Satish Anchlia, a nine-year software engineer for Unum who was at the event, said in an interview that he joined the insurer in part because of its culture. He also cited “what it’s doing in helping people out.”
Michael Rhudy, who does onboarding at Unum, said the company employs a lot of people in Chattanooga.
“It takes good care of customers and employees,” he said in an interview.
Contact Mike Pare at mpare@timesfreepress.com or 423-757-6318.