Who Owns Colonial Life?
Colonial Life is owned by Unum Group (NYSE: UNM), the Chattanooga-based employee benefits insurer, which merged with Colonial Life in 1993. Founded in 1937 as Mutual Accident Company in Columbia, South Carolina, the brand sells voluntary worksite benefits, including accident, cancer, critical illness, dental, disability, and life coverage, through employers in 49 states.
Colonial Life Timeline
United StatesOfficial Website
Who Owns Colonial Life?
- Parent Company: Unum Group
- Ownership Type: Subsidiary
- Acquisition Year: 1993
- Company Type: Publicly Traded
- Stock Ticker: NYSE: UNM
| Brand | Parent Company | Ownership Type |
|---|---|---|
| Colonial Life | Unum Group | Subsidiary |
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History of Colonial Life
- Founded: 1937
- Founders: Edwin F. Averyt, J. Clifton Judy
- Acquired by Unum Group: 1993
Edwin F. Averyt and J. Clifton Judy founded Mutual Accident Company in Columbia, South Carolina, in 1937, starting with a sales force made up mostly of women agents without prior business experience. The company sold $1,000 accident policies for $3 a year.
Converted to a stock company and renamed Colonial Life & Accident Insurance Company in 1939, it pioneered payroll deduction for voluntary benefits in the 1950s, when it signed the state highway patrol as its first public sector client. Computerized enrollment and Section 125 cafeteria plan marketing followed in the 1970s and 1980s.
Founder Edwin Averyt ran the company until failing health forced his retirement in 1970; his son Gayle served as CEO and chairman until the 1993 merger with Unum. The deal folded Colonial Life into what became Unum Group, where it has operated ever since as the worksite voluntary benefits channel.
The brand added dental coverage through Unum's 2016 Starmount Life acquisition, integrated into Colonial Life in 2018. Today it has more than 1,100 employees and roughly three million policies in force.
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About Unum Group
What does Unum own?
Unum Group owns insurance subsidiaries including Provident Life and Accident, Paul Revere Life, Colonial Life & Accident, Starmount Life, and Unum Limited in the UK, operating as Unum US, Unum International, Colonial Life, and a Closed Block runoff segment.
Is Unum publicly traded?
Yes. Unum Group trades on the New York Stock Exchange under ticker UNM and is a member of the S&P 500.
Who founded Unum?
Unum traces to Union Mutual Life Insurance Company, founded in Portland, Maine, in 1848. The modern group formed in 1999 when Unum merged with Provident Companies of Chattanooga and took its present name in 2007.
Where is Unum headquartered?
Unum Group is headquartered in Chattanooga, Tennessee, USA, with major operations in Portland, Maine; Columbia, South Carolina; Worcester, Massachusetts; and the UK and Poland.
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How many brands does Unum own?
Its principal brands are Unum, Colonial Life, Unum Dental, and the Starmount and AlwaysCare dental and vision brands.
Who owns Unum Group?
Unum is an independent public company owned by its shareholders, predominantly institutional investors.
- Founded: 1848
- Headquarters: Chattanooga, Tennessee, USA
- Company Type: Publicly Traded
- Stock: NYSE: UNM
- Revenue: $13.1 billion (FY2025)
- Employees: Approximately 10,900
Where Is Colonial Life Made / Based?
- Headquarters: Columbia, South Carolina, USA
Colonial Life Categories & Tags
Colonial Life Recalls & Controversies
Colonial Life has a comparatively clean regulatory record. Its parent company was part of the industry-wide scrutiny of claims practices in the early 2000s, but the landmark 2004 settlement focused on Unum's group disability operations rather than Colonial Life's worksite products.
Like all insurers, the brand faces periodic litigation over individual claim denials and policy terms, resolved as routine matters. No major regulatory action against the Colonial Life unit is on record.
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Brands Owned by Unum Group
Colonial Life Ownership: Pros & Cons
Advantages
- +Unum's balance sheet and capital back policyholder obligations
- +Shared underwriting, technology, and product development with the parent
- +Access to Starmount and AlwaysCare dental and vision products
- +Unum's broker and employer relationships feed the worksite channel
- +Financial strength ratings supported by a top-tier benefits insurer
Considerations
- -Works inside parent's risk appetite and capital allocation priorities
- -Brand equity is regional-channel dependent on its agent sales force
- -Rising benefit costs pressure supplemental product pricing
- -Parent's claims-handling reputation can spill into the subsidiary
- -Limited brand awareness outside the worksite benefits niche
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Frequently Asked Questions About Colonial Life
Sources & Further Reading
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Competitors to Colonial Life
These competing brands operate in the same categories and provide similar products or services. Compare key attributes to understand market positioning and competitive landscape.
| Brand | Parent Company | Country | Founded | Market Position | Primary Market | Gender Target |
|---|---|---|---|---|---|---|
| Metlife | USA | 2020 | Mass market | United states | All Genders | |
| Unum | USA | 1848 | Mass market | United states | All Genders |
Learn More About Competitors
InsuranceMetLife Pet Insurance
Owned by MetLife, Inc.
MetLife Pet Insurance is MetLife's pet health coverage brand, built on the 2019 PetFirst acquisition, offering accident and illness policies for dogs and cats across the United States.
pet-insuranceinsurancedogs
InsuranceUnum
Owned by Unum Group
Employee benefits insurance brand of Unum Group, the largest US disability insurer, covering group disability, life, dental, and supplemental health products.
insurancedisability-insuranceemployee-benefits
Competitive Analysis
Market Positioning: Colonial Life competes with 2 brands in the same categories, ranging from mass market to luxury positioning.
Geographic Distribution: Competitors are headquartered across multiple regions, indicating global competition in this market segment.
Brand Heritage: Competitor brands range from established heritage brands to newer market entrants, with founding years spanning several decades.
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Independent Alternatives to Colonial Life
Looking for brands with different ownership structures? These similar brands are not owned by Unum Group, giving you alternative choices that support different corporate structures.
InsuranceAllied Insurance
Owned by Nationwide Mutual Insurance Company
Des Moines-founded insurance brand of Nationwide Mutual, serving independent agents and brokers for personal and small commercial lines since 1929.
insuranceindependent-agentsproperty-casualty
Privately Owned
Allied Insurance is privately owned, unlike Colonial Life which is under a publicly traded parent company.
InsuranceAmerican Family Insurance
Owned by American Family Insurance Mutual Holding Company
Flagship insurance brand of the American Family Insurance mutual group, founded in 1927. Auto, home, life, farm, and business coverage sold through exclusive agents in 19 states.
insuranceauto-insurancehome-insurance
Privately Owned
American Family Insurance is privately owned, unlike Colonial Life which is under a publicly traded parent company.
InsuranceAuto-Owners Insurance
Owned by Auto-Owners Insurance Company
Flagship brand of Auto-Owners Insurance Company, the policyholder-owned mutual insurer selling auto, home, business, and life coverage through independent agents since 1916.
insurancemutual-insuranceauto-insurance
Privately Owned
Auto-Owners Insurance is privately owned, unlike Colonial Life which is under a publicly traded parent company.
InsuranceFarmers Insurance
Owned by Farmers Insurance Group of Companies
Flagship brand of Farmers Insurance Group, the policyholder-owned insurer selling auto, home, and life coverage through exclusive and independent agents since 1928.
insurancemutual-insuranceauto-insurance
Privately Owned
Farmers Insurance is privately owned, unlike Colonial Life which is under a publicly traded parent company.
InsuranceHomesite Insurance
Owned by American Family Insurance Mutual Holding Company
Direct-to-consumer homeowners, renters, and condo insurance brand founded in Boston in 1997. Acquired by American Family Insurance in 2013 for approximately $616 million.
insurancehomeowners-insurancerenters-insurance
Privately Owned
Homesite Insurance is privately owned, unlike Colonial Life which is under a publicly traded parent company.
InsuranceMain Street America Insurance
Owned by American Family Insurance Mutual Holding Company
Commercial and farm insurance brand headquartered in Jacksonville, Florida, founded in 1923 as National Grange Mutual. Owned by American Family Insurance since a 2018 mutual merger.
insurancecommercial-insurancemutual
Privately Owned
Main Street America Insurance is privately owned, unlike Colonial Life which is under a publicly traded parent company.
Unum Group Stock Information
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