UNUM completes acquisition

PORTLAND — UNUM Corp. announced Thursday that the company completed acquisition of First Commercial Life Insurance Co. from the Continental Corp. on July 31.

The acquisition of First Commercial is the third and final portion of a $60 million transaction that involved other subsidiaries of Continental. First Commercial operates in New York and has 25 employees. The company markets specialty life and accident and health products.

On Dec. 31, 1988, UNUM acquired the New Jersey-based Commercial Life Insurance Co. from Continental. In addition, on Feb. 28, 1989, UNUM acquired certain Canadian accident and health business from several Continental Corp. subsidiaries. This business was acquired from the Continental Insurance Co. of Canada, the Continental Insurance Co. and the Dominion Insurance Co.

Commenting on the acquisition, UNUM Chairman and Chief Executive Officer James F. Orr III said, “This transaction supports the company’s strategic goals by expanding our core specialty product lines and distribution channels. We’re extremely pleased to have the final portion of this acquisition complete.”

UNUM Corp. is the nation’s leading provider of group long-term disability insurance and a major provider of employee benefits and individual disability insurance. The company also markets retirement plans and long-term care insurance.