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

March 20, 2020 / Lyle Adriano
SHARESHARESHARE

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.