How much will Aflac be paying to buy Continental American Insurance?
Thursday, Jul. 30, 2009 Aflac buying Columbia firm Insurance giant purchasing Continental American Insurance From Staff and Wire Reports For the first time in its 54-year history, Aflac – the supplemental insurance seller known for its duck commercials – has acquired another insurance company. And it’s in Columbia. Columbus, Ga.-based Aflac announced late Wednesday that it will pay $100 million for the privately owned Continental American Insurance Co. Aflac is the largest competitor to Colonial Life, which is one of Columbia’s largest private employers. The deal is expected to be finalized at the end of the year with Aflac agents selling Continental American products by early next year. There is a vast difference in the size of the two companies. In 2008, Continental American had total revenues of $79 million and net income of $7 million. Compare that to Aflac, which had $15.4 billion in revenue and made $1.63 billion. Last year, Continental American generated about $112 million in pr
For the first time in its 54-year history, Aflac – the supplemental insurance seller known for its duck commercials – has acquired another insurance company. And it’s in Columbia. Columbus, Ga.-based Aflac announced late Wednesday that it will pay $100 million for the privately owned Continental American Insurance Co. Aflac is the largest competitor to Colonial Life, which is one of Columbia’s largest private employers. The deal is expected to be finalized at the end of the year with Aflac agents selling Continental American products by early next year. There is a vast difference in the size of the two companies. In 2008, Continental American had total revenues of $79 million and net income of $7 million. Compare that to Aflac, which had $15.4 billion in revenue and made $1.63 billion. Last year, Continental American generated about $112 million in premium income. Aflac’s four largest districts – Texas, California, Florida and Georgia – each write substantially more than that in a year
