Colonial Life & amp; Accident Insurance Company is an American insurer based in Columbia, South Carolina. Colonial Life offers flaws, accidents, life, cancer, critical illness and confinement hospital insurance plans in 49 countries. Colonial Life was founded in 1939 by Edwin Averyt and became a wholly owned subsidiary of Unum in 1993.
Tim Arnold has served as Colonial Life's chief executive since January 2015.
Video Colonial Life & Accident Insurance Company
History
Independent company
The Colonial History of Life traces back to 1929 when company founder Edwin Averyt worked as a bond seller in Birmingham, Alabama and met a former Alabama University classmate who managed to sell individual accident insurance policies. Averyt then moved to South Carolina to become a regional manager of a company selling savings bonds, United Securities Company in Kansas City, Missouri. In 1937, he earned a $ 2,000 commission. He raised an additional $ 3,000 from an investor and founded the Mutual Accident Company that same year. Mutual Accident Company originally sold $ 1,000 of accident policies of $ 3 per year; a policy very similar to the policies sold by Averyt's classmates.
Mutual Accident Company was converted into a shareholder company in 1939 and renamed Colonial Life & amp; Accident Insurance Company. Edwin Averyt served as the company's chief executive until 1970 when his health failed forced him to retire. His son, Gayle, replaced Averyt as chief executive. Colonial Life began offering an accident and cancer insurance policy to employees using pre-tax money in 1985. This policy covered half of all new policies issued by the company in 1990. In 1989, Colonial Life established a holding company, Colonial Companies, Inc.. Colonial Life became a wholly owned subsidiary of the Colonial Company. In March 1991, Stephen G. Hall was appointed chief executive of Colonial Life. Hall has been president of the company since 1986. Gayle Averyt maintains firm headship. Hall resigned from Colonial Life in February 1992 and was replaced by Frank Smith.
Unum Subsidiaries
- See also: Unum
Unum acquired Colonial Life in 1993 for $ 571 million. James Orr, chief executive of Unum, took over the position of Colonial Life's chief executive with a merger. In 2003, Colonial became a sponsor named the South Carolina University basketball arena. The Company agreed to pay $ 5.5 million over 12 years for the rights to the Colonial Life Arena. Randall Horn became president and chief executive of Colonial Life in 2004. He succeeded Jean Duke.
In 2014, Colonial Life completed the Habitat for Humanity development project during its 75th anniversary. In July 2014, Timothy G. Arnold became president of the company. He took over the role of chief executive in early 2015. Through the acquisition of Starmount, Colonial Life became active with gear by 2016. By 2017, Colonial Life opened a new office in Virginia, to serve the Virginia and Washington, D.C. The company has also grown in Georgia.
Maps Colonial Life & Accident Insurance Company
Operation
Colonial Life sells voluntary insurance products to employees. The Company issues insurance policies in disability, accident, life, critical illness, hospital confinement and cancer segment. Its products are marketed by independent insurance agents and brokers.
The company is headquartered in Columbia, South Carolina. Colonial Life is wholly owned by Unum, but operates as an independent subsidiary. Colonial Life is one of the three main business segments of Unum and accounts for 15% of Unum's premium revenue for 2012. The Arnold team is Colonial Life's chief executive.
See also
- Colonial Life Arena
- List of US insurance companies
References
Source of the article : Wikipedia
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