Unum acquires National Dental Plan in the U.K.

CHATTANOOGA, Tenn.--(BUSINESS WIRE)-- Unum today announced the acquisition of National Dental Plan, a leading provider in the U.K. of dental insurance through the workplace. This adds a valuable offering to the Unum UK portfolio of employee benefits products and services.

“Dental insurance is a fast-growing market in the U.K. and a natural fit with our existing portfolio as Unum looks to grow its employee benefits footprint,” said Unum UK CEO Peter O’Donnell. “Together we will leverage our respective strengths and accelerate our growth ambitions.”

Unum acquired NDP from Capita plc in a deal worth approximately $49.5 million (£31.7 million). The sale completion is pending regulatory approval, with closing anticipated by the end of the third quarter.

“The acquisition of NDP by Unum brings together best-in-class dental coverage and Unum’s market-leading employee benefits distribution system,” said Unum Group President and CEO Richard P. McKenney. “We believe the U.K. dental insurance market offers opportunities for growth in employee benefits.”

Unum, a leading provider of financial protection benefits and services in the U.S. and U.K., will maintain NDP as a separate business unit within the Unum UK business.

“We see NDP as a complementary business to our existing operations, and Unum will retain NDP’s current management and employees,” O’Donnell said. “They are vital for implementing our strategic vision, as well as continuing to deliver NDP’s great service to their existing 500 corporate customers and 150,000 insured employees.”

Unum’s purchase of NDP creates tremendous potential to expand access to dental insurance through the worksite, said NDP Managing Director Andrew Bower.

“We’re excited by the opportunity to broaden the reach of our proposition, and thereby continue to build strong foundations for the continuity, growth and prosperity of this business,” Bower said.

Unum is one of the U.K.’s largest providers of group risk products including group income protection, group critical illness and group life insurance. Originally established in 1848, Unum is a Fortune 500 company that has a global presence with nearly 10,000 employees across its network of offices in the U.S. and U.K.

NDP, established in 1987, provides employees with access to high quality dental insurance plans at the worksite, including a number of FTSE 100 companies. It reported premium of approximately $24 million (£14.5 million) for 2014. NDP has delivered exceptionally high and consistent customer retention rates and continues to receive outstanding client, member and broker testimonials.

ABOUT UNUM GROUP

Unum Group (www.unum.com) is a leading provider of financial protection benefits in the United States and the United Kingdom. Its primary businesses are Unum US, Colonial Life and Unum UK. Unum’s portfolio includes disability, life, accident and critical illness coverage, which help protect millions of working people and their families in the event of an illness or injury. The company reported revenues of $10.5 billion in 2014, and provided $6.7 billion in benefits.

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Source: Unum Group