Unum, a US-based financial protection benefits provider, has agreed to acquire Pramerica Życie TUiR, a financial protection provider in Poland, from a subsidiary of financial services firm Prudential Financial.
Pramerica Życie operates a group and individual risk protection provider and offers coverage in life insurance products.
The deal, whose financial terms were not disclosed, marks the foray of Unum into Polish market.
Upon completion of the acquisition, Pramerica Życie will continue to operate as a separate business entity and report to Unum UK president and CEO, Peter O’Donnell.
Commenting on the deal, Unum president and CEO Rick McKenney said: “Growth of the Unum franchise through strategic acquisitions is an important avenue for us.
“The purchase of Pramerica Życie opens an opportunity to expand our European footprint into Poland, an attractive market for financial protection benefits. Pramerica Życie is an excellent fit for Unum, with a shared focus of delivering financial protection to individuals and families when they need it most.”
Pramerica Życie president Aneta 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. Most important, we will continue to offer our clients protection for what is most valuable for them: their lives and health.”
The deal is expected to be completed by the end of 2018, subject to regulatory approvals and customary closing conditions.