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.
"Pramerica Zycie is a group and individual risk protection provider with a strong distribution model and a solid reputation as a trustworthy provider of high-quality products and professional financial advice," O'Donnell said.
Aneta Podyma-Milczarek, president of Pramerica Zycie, said she expects the business will continue to grow with the new owner.
"Over the past 20 years, Pramerica Zycie with our current shareholder PFI created a successful and highly recognized company in the Polish market," Podyma-Milczarek said. "We are proud to become a part of Unum and look forward to further developing our offering using the extensive experience and innovative solutions of our new shareholder."
The transaction is expected to close by the end of the year, subject to regulatory approvals.
Unum said the purchase will not alter its earnings or capital management outlook for 2018.