Unum Life

Unum Highlights: History, Mergers & Acquisitions

Corporate Owner & Structure

• Corporate Parent: Unum Group (Publicly traded: NYSE: UNM).
• Primary Subsidiaries:
  • Unum Life Insurance Company of America (Portland, ME).
  • Provident Life and Accident Insurance Company (Chattanooga, TN).
  • The Paul Revere Life Insurance Company (Worcester, MA).
  • Colonial Life & Accident Insurance Company (Columbia, SC).
  • Starmount Life Insurance Company (Baton Rouge, LA).

Early History (Two Paths Converge)

Unum Group is the result of the massive merger between two historic insurers: Union Mutual (Maine) and Provident (Tennessee).

Path 1: Union Mutual (The "Unum" Side)

• 1848: Union Mutual Life Insurance Company is chartered in Maine.
  • Founder: Elisha Pratt.
  • First Policy: Policy No. 1 is issued to the founder for $5,000.
• 1849: The company adopts the pine tree as its symbol (a nod to Maine).
• 1864: Union Mutual becomes the first U.S. company to reinsure another carrier (Chicago Mutual Life).
• 1986: Union Mutual becomes the first major mutual insurer to demutualize (convert to a public stock company).
  • Rebrand: Upon going public, it changes its name to Unum Corporation.

Path 2: Provident (The "Provident" Side)

• 1887: Provident Life and Accident Insurance Company is founded in Chattanooga, Tennessee.
  • Original Focus: Accident insurance for miners and railroad workers who faced high on-the-job risks.
• 1939: Provident becomes the first company to market private disability insurance.

Mergers, Acquisitions & Takeovers (1990–Present)

1990–1998: The Disability Powerhouses Build Up

• 1993: Unum Corporation acquires Colonial Companies Inc. (parent of Colonial Life) for $571 million.
  • Strategy: This added a massive "voluntary benefits" (worksite marketing) arm to Unum’s portfolio.
• 1997: Provident Companies acquires The Paul Revere Corporation from Textron for $1.2 billion.
  • Significance: Paul Revere was the leader in "individual disability" insurance for high-income professionals (doctors/lawyers). This purchase made Provident the dominant player in the individual disability market.

1999: The Merger of Equals

• 1999 (June 30): Unum Corporation and Provident Companies officially merge.
  • New Name: UnumProvident Corporation.
  • Impact: This created the largest disability insurer in the world.
  • Headquarters: The combined company maintained dual operations in Portland, ME, and Chattanooga, TN (though Chattanooga eventually became the official corporate HQ).

2007: The Rebrand

• 2007: The company shortens its name from UnumProvident to Unum Group.
  • Reason: To simplify the brand and move past regulatory challenges associated with the "Provident" claims handling era.

2015–Present: Diversification into Dental & Vision

• 2015: Unum acquires National Dental Plan in the United Kingdom to enter the dental insurance market.
• 2016: Unum acquires Starmount Life Insurance Company.
  • Impact: Based in Louisiana, Starmount provided the platform for Unum to launch dental and vision insurance in the U.S.
• 2018: Unum acquires Pramerica Życie TUiR SA, a Polish life insurer, rebranding it as Unum Poland.

Contact & Home Office Information

Unum has two major "home office" locations due to its merged history.

1. Corporate Headquarters (The Provident Hub):

• Address: 1 Fountain Square, Chattanooga, TN 37402
• Phone: 1-866-679-3054

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