Aflac enters agreement to acquire Zurich North America's group benefits business

Aflac | March 20, 2020

Aflac has announced that its insurance subsidiaries – American Family Life Assurance Company of Columbus (Aflac of Columbus) and American Family Life Assurance Company of New York (Aflac of New York) – have entered into a definitive agreement to acquire Zurich North America’s US corporate life and pensions (group benefits) business. The transaction is expected to close in the second half of 2020, subject to regulatory approvals and customary closing conditions. A release said that following the transaction, Aflac of Columbus and Aflac of New York will reinsure on an indemnity basis Zurich North America’s US in-force group life and disability policies. These policies have annualized earned premium of about $115 million. Zurich North America employees of the group benefits business will also transfer to Aflac.

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Spotlight

Organizational change is inevitable. That’s why it’s important to have the right tools in place to guide teams and organizations as they move through different business phases.

American Family Insurance, a U.S.-based insurance company in Madison, WI, with over 13,000 employees, recently faced a challenge to standardize numerous internal systems onto one security platform amidst quite a bit of organizational change. The company needed a tool that could manage and track potential risk and impact, which was impossible to accomplish properly with so many applications and technologies in use internally. After thoroughly reviewing many government, risk, and compliance (GRC) solutions, Onspring’s solution was exactly what the company needed and allowed them to quickly and easily implement a full-scale GRC solution to monitor potential risks.

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