Unum has completed its purchase of H&J Capital, LLC, parent of Starmount Life Insurance Company and AlwaysCare Benefits, an independent dental and vision benefits company that will support Unum’s long-term growth plans for workplace financial protection products.
“We are excited to welcome Starmount to the Unum family and to establish Baton Rouge as our center of excellence for the dental and vision market,” said Unum President and CEO Rick McKenney. "This is an excellent fit for both our Unum US and Colonial Life businesses and is an important component of our long-term strategic growth plan."
Unum is a nationwide provider of financial protection benefits at work, including disability, life and supplemental health products. Starmount covers more than 940,000 lives nationally, manages in-force annualized premium in excess of $180 million and has access to national dental and vision networks.
“We see strong demand for dental and vision insurance in the market today,” said Unum U.S. President Mike Simonds. "Starmount’s solid products and networks, combined with Unum’s scale and capabilities, will help us create real value for our clients and expand access to financial protection benefits in the workplace.”
Founded by the Sternberg family in 1983, Starmount will remain headquartered in Baton Rouge, La., with a leadership team including CEO Erich Sternberg and President Deborah Sternberg and a staff of more than 220 employees.
“We are glad to be part of the Unum family and look forward to helping provide greater access to dental and vision insurance at the workplace and to consumers,” said Starmount CEO Erich Sternberg. “We have ambitious growth plans and share Unum’s focus on providing exceptional service, innovative products and thoughtful solutions for our customers.”
Starmount will become the fourth brand under the Unum Group umbrella alongside Unum US, Unum UK and Colonial Life. Unum Dental and Unum Vision products will be underwritten by Starmount and introduced to the market in 2017. Colonial Life Dental and Vision will be introduced in 2018.