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{{Infobox company
| name = Colonial Life
| type = [[Subsidiary]]
| logo = [[File:Colonial-life-logo.png|Logo for Colonial Life & Accident Insurance Company|200px]]
| genre =
| foundation = 1939
| founder = Edwin F. Averyt
| location_city = [[Columbia, South Carolina]]
| location_country =
| location =
| locations =
| area_served = United States
| key_people = Timothy G. Arnold (President and CEO)
| industry = [[Insurance]]
| products = ''' Personal Insurance Products '''<br />Accident Insurance <br /> Cancer Insurance <br /> Critical Illness Insurance <br /> Dental Insurance <br /> Disability Insurance <br /> Life Insurance <br /> Supplemental Health Insurance
| services =
| market cap =
| assets =
| equity =
| owner =
| num_employees =
| parent = [[Unum Group|Unum]] ({{NYSE|UNM}})
| divisions =
| homepage = [http://www.coloniallife.com ColonialLife.com]
| footnotes =
| intl =
}}
'''Colonial Life & Accident Insurance Company''' is an American [[insurance]] company based in [[Columbia, South Carolina|Columbia]], [[South Carolina]].<ref>{{cite web | url=http://topics.nytimes.com/top/news/business/companies/unum_group/ | title=Unum Group | publisher=''The New York Times'' | accessdate=30 March 2014}}</ref> Colonial Life offers [[disability insurance|disability]], [[accident]], [[life insurance|life]], [[cancer insurance|cancer]], [[critical illness insurance|critical illness]] and hospital confinement insurance plans in 49 states.<ref name="President Leaves Colonial Life in Rift">{{cite web | url=https://www.nytimes.com/1982/11/12/business/business-people-president-leaves-colonial-life-in-rift.html | title=President Leaves Colonial Life in Rift | author=Daniel F. Cuff | publisher=''The New York Times'' | accessdate=30 March 2014}}</ref> Colonial Life was founded in 1939 by Edwin Averyt and became a wholly owned subsidiary of [[Unum]] in 1993.<ref name="President Leaves Colonial Life in Rift"/><ref>{{cite web | url=https://www.nytimes.com/1992/12/05/business/company-news-unum-to-buy-colonial-in-570-million-stock-deal.html | title=Unum to Buy Colonial in $570 Million Stock Deal | author= | publisher=''The New York Times'' | date=5 December 1992 | accessdate=30 March 2014}}</ref>
Tim Arnold has served as Colonial Life's chief executive since January 2015.<ref name="United States Securities and Exchange Commission 10-K Form Unum Group">{{cite web | url=https://www.sec.gov/Archives/edgar/data/5513/000000551313000007/unm12312012-10xk.htm | title=United States Securities and Exchange Commission 10-K Form Unum Group | publisher=United States Securities and Exchange Commission | accessdate=30 March 2014}}</ref>
==History==
===Independent company===
Colonial Life's history traces back to 1929 when company founder Edwin Averyt was working as a bond salesman in [[Birmingham, Alabama]] and met with a former [[University of Alabama]] classmate who was successful at selling individual accident insurance policies.<ref name="Policies priced for profit">{{cite news | title=Policies priced for profit | author=Chithelen, I. | publisher =Forbes | date=11 November 1991}}</ref> Averyt later moved to [[South Carolina]] to become the regional manager of a firm that sold savings bonds, United Securities Company of Kansas City, [[Missouri]].<ref name="Insurance Town">{{cite web | url=http://columbiametro.com/Columbia-Metro/December-2011/Insurance-Town/ | title=Insurance Town | author=Anne Creed | publisher=Columbia Metropolitan | accessdate=30 March 2014}}</ref> In 1937, he earned a $2,000 commission.<ref name="Policies priced for profit"/> He raised an additional $3,000 from investors and founded Mutual Accident Company the same year.<ref name="Insurance Town"/> Mutual Accident Company originally sold $1,000 accident policies for $3 annually; policies that were very similar to the policies sold by Averyt's former classmate.<ref name="Policies priced for profit"/>
Mutual Accident Company was converted to a stockholder company in 1939 and renamed Colonial Life & Accident Insurance Company.<ref name="Insurance Town"/><ref>{{cite web|url=http://www.thestate.com/2012/05/13/2274150/sc-business.html |title=Columbia a giant of insurance |author=Jeff Wilkinson |publisher=The State |accessdate=30 March 2014 |deadurl=yes |archiveurl=https://web.archive.org/web/20120616144618/http://www.thestate.com/2012/05/13/2274150/sc-business.html |archivedate=June 16, 2012 }}</ref> Edwin Averyt served as company chief executive until 1970 when failing health forced his retirement.<ref name="Insurance Town"/> His son, Gayle, replaced Averyt as chief executive.<ref name="Policies priced for profit"/> Colonial Life began offering accident and cancer insurance policies to employees using pre-tax dollars in 1985.<ref name="Policies priced for profit"/> These policies accounted for half of all new policies issued by the company by 1990.<ref name="Policies priced for profit"/> In 1989, Colonial Life created a holding company, Colonial Companies, Inc.<ref name="Colonial Life Holders OK Holding Company">{{cite news | title=Colonial Life Holders OK Holding Company | date=16 November 1989 | publisher=Reuters News}}</ref> Colonial Life became a wholly owned subsidiary of Colonial Companies.<ref name="Colonial Life Holders OK Holding Company"/> In March 1991, Stephen G. Hall was named chief executive of Colonial Life.<ref name="Who's News Brief: Colonial Companies Inc.">{{cite news | title=Who's News Brief: Colonial Companies Inc. | date=5 March 1991 | publisher=The Wall Street Journal Europe}}</ref> Hall had served as company president since 1986.<ref name="Who's News Brief: Colonial Companies Inc."/> Gayle Averyt retained chairmanship of the company.<ref name="Who's News Brief: Colonial Companies Inc."/> Hall resigned from Colonial Life in February 1992 and was replaced by Frank Smith.<ref>{{cite news | title=Colonial Cos. Names New President | date=27 February 1992 | publisher=[[Reuters]] News}}</ref>
===Unum subsidiary===
:See also: [[Unum]]
[[Unum]] acquired Colonial Life in 1993 for $571 million.<ref name="Unum to acquire Colonial Cos. in $570 million merger">{{cite news | title=Unum to acquire Colonial Cos. in $570 million merger | date=4 December 1992 | publisher=Reuters News}}</ref> James Orr, [[Unum]]'s chief executive, assumed the position of Colonial Life chief executive with the merger.<ref name="Unum to acquire Colonial Cos. in $570 million merger"/> In 2003, Colonial became the named sponsor of the [[University of South Carolina|University of South Carolina's]] basketball arena.<ref name="USC arena to be renamed 'Colonial Center'">{{cite news | title=USC arena to be renamed 'Colonial Center' | author=Jacob Jordan | date=7 October 2003 | publisher=Associated Press Newswires}}</ref> The company agreed to pay $5.5 million over 12 years for the name rights to [[Colonial Life Arena]].<ref name="USC arena to be renamed 'Colonial Center'"/> Randall Horn became Colonial Life president and chief executive officer in 2004.<ref name="Colonial names new chief">{{cite news | title=Colonial names new chief | publisher=Associated Press Newswires}}</ref> He replaced Jean Duke.<ref name="Colonial names new chief"/>
In 2014, Colonial Life completed a [[Habitat for Humanity]] building project during its 75th anniversary.<ref>{{ cite news | title = Colonial Life has built brand on trust | author = Roddie Burris | publisher = ''The State'' | date = April 19, 2014 | accessdate = May 1, 2014 | url = http://www.thestate.com/2014/04/19/3397696/colonial-life-has-built-brand.html }}</ref><ref>{{ cite news | title = Colonial Life celebrates 75 years of protecting America's workers | publisher = ''[[The Wall Street Journal]]'' | date = April 17, 2014 | accessdate = May 1, 2014 | url = https://www.wsj.com/article/PR-CO-20140417-909712.html }}</ref> In July 2014, Timothy G. Arnold became the company's president. He assumed the role of chief executive in early 2015.<ref>{{cite web | title = Colonial Life CEO Horn to retire, Arnold to take over | publisher=Columbia Regional Business Report| date =20 May 2014| url=http://www.columbiabusinessreport.com/news/51449-colonial-life-ceo-horn-to-retire-arnold-to-take-over?rss=0|accessdate=29 August 2014}}</ref> Through the acquisition of Starmount, Colonial Life became active with dental in 2016.<ref name=DENTAL>{{cite web |url=http://www.timesfreepress.com/news/business/diary/story/2016/dec/23/unum-expands-dental-visiinsurance-2017/404298/ |title=Unum expanding into dental, vision insurance in 2017 |last=Pare |first=Mike |date=December 23, 2016 |website=timesfreepress.com |publisher=[[Times Free Press]] |access-date=June 15, 2017 |quote=}}</ref> In 2017, Colonial Life opened a new office in [[Virginia]], to serve the Virginia and [[Washington, D.C.]] areas.<ref name=PATCH>{{cite web |url=https://patch.com/virginia/tysonscorner/colonial-life-opens-new-dc-territory-office |title=Colonial Life Opens New DC Territory Office |last=Kazour |first=Mona |date=May 2, 2017 |website=patch.com |publisher=[[The Patch]] |access-date=June 15, 2017 |quote=}}</ref> The company has also expanded in [[Georgia (U.S. state)|Georgia]].<ref name=MDJ>{{cite web |url=http://www.mdjonline.com/news/business/colonial-life-names-new-territory-manager-for-georgia/article_27d3da4c-31f5-11e7-adb7-cbb82eb455d8.html |title=Colonial Life names new territory manager for Georgia |last= |first= |date=May 6, 2017 |website= |publisher=[[The Marietta Daily Journal]] |access-date=June 15, 2017 |quote=}}</ref>
==Operations==
Colonial Life sells voluntary insurance products for employees.<ref name="Colonial Life & Accident Insurance Company">{{cite web | url=http://www.hoovers.com/company-information/cs/company-profile.Colonial_Life__Accident_Insurance_Company.9b9a036365cc803f.html | title=Colonial Life & Accident Insurance Company | publisher=Hoovers | accessdate=30 March 2014}}</ref><ref>{{cite web | url=http://insurancenewsnet.com/innarticle/2013/09/27/colonial-life-launches-new-voluntary-group-product-a-395641.html#.UuaAHxDnbIU | title=Colonial Life Launches New Voluntary Group Product | author=Cyril Tuohy | publisher=Insurance News Net | accessdate=30 March 2014}}</ref> The company issues insurance policies in the disability, accident, life, critical illness, hospital confinement and cancer segments.<ref name="Colonial Life & Accident Insurance Company"/> Its products are marketed by independent insurance agents and brokers.<ref name="United States Securities and Exchange Commission 10-K Form Unum Group"/>
The company is headquartered in [[Columbia, South Carolina]].<ref name="Insurance Town"/> Colonial Life is wholly owned by [[Unum]], but operates as an independent subsidiary.<ref name="United States Securities and Exchange Commission 10-K Form Unum Group"/> Colonial Life is one of Unum's three major business segments and accounted for 15% of Unum's premium income for the year 2012.<ref name="United States Securities and Exchange Commission 10-K Form Unum Group"/> Tim Arnold is Colonial Life's chief executive.<ref name="United States Securities and Exchange Commission 10-K Form Unum Group"/>
==See also==
*[[Colonial Life Arena]]
*[[List of United States insurance companies]]
==References==
{{reflist}}
{{DEFAULTSORT:Colonial Life and Accident Insurance Company}}
[[Category:Insurance companies of the United States]]
[[Category:Financial services companies established in 1937]]
[[Category:Companies based in Columbia, South Carolina]]
[[Category:Life insurance companies]]
[[Category:1937 establishments in South Carolina]]
| name = Colonial Life
| type = [[Subsidiary]]
| logo = [[File:Colonial-life-logo.png|Logo for Colonial Life & Accident Insurance Company|200px]]
| genre =
| foundation = 1939
| founder = Edwin F. Averyt
| location_city = [[Columbia, South Carolina]]
| location_country =
| location =
| locations =
| area_served = United States
| key_people = Timothy G. Arnold (President and CEO)
| industry = [[Insurance]]
| products = ''' Personal Insurance Products '''<br />Accident Insurance <br /> Cancer Insurance <br /> Critical Illness Insurance <br /> Dental Insurance <br /> Disability Insurance <br /> Life Insurance <br /> Supplemental Health Insurance
| services =
| market cap =
| assets =
| equity =
| owner =
| num_employees =
| parent = [[Unum Group|Unum]] ({{NYSE|UNM}})
| divisions =
| homepage = [http://www.coloniallife.com ColonialLife.com]
| footnotes =
| intl =
}}
'''Colonial Life & Accident Insurance Company''' is an American [[insurance]] company based in [[Columbia, South Carolina|Columbia]], [[South Carolina]].<ref>{{cite web | url=http://topics.nytimes.com/top/news/business/companies/unum_group/ | title=Unum Group | publisher=''The New York Times'' | accessdate=30 March 2014}}</ref> Colonial Life offers [[disability insurance|disability]], [[accident]], [[life insurance|life]], [[cancer insurance|cancer]], [[critical illness insurance|critical illness]] and hospital confinement insurance plans in 49 states.<ref name="President Leaves Colonial Life in Rift">{{cite web | url=https://www.nytimes.com/1982/11/12/business/business-people-president-leaves-colonial-life-in-rift.html | title=President Leaves Colonial Life in Rift | author=Daniel F. Cuff | publisher=''The New York Times'' | accessdate=30 March 2014}}</ref> Colonial Life was founded in 1939 by Edwin Averyt and became a wholly owned subsidiary of [[Unum]] in 1993.<ref name="President Leaves Colonial Life in Rift"/><ref>{{cite web | url=https://www.nytimes.com/1992/12/05/business/company-news-unum-to-buy-colonial-in-570-million-stock-deal.html | title=Unum to Buy Colonial in $570 Million Stock Deal | author= | publisher=''The New York Times'' | date=5 December 1992 | accessdate=30 March 2014}}</ref>
Tim Arnold has served as Colonial Life's chief executive since January 2015.<ref name="United States Securities and Exchange Commission 10-K Form Unum Group">{{cite web | url=https://www.sec.gov/Archives/edgar/data/5513/000000551313000007/unm12312012-10xk.htm | title=United States Securities and Exchange Commission 10-K Form Unum Group | publisher=United States Securities and Exchange Commission | accessdate=30 March 2014}}</ref>
==History==
===Independent company===
Colonial Life's history traces back to 1929 when company founder Edwin Averyt was working as a bond salesman in [[Birmingham, Alabama]] and met with a former [[University of Alabama]] classmate who was successful at selling individual accident insurance policies.<ref name="Policies priced for profit">{{cite news | title=Policies priced for profit | author=Chithelen, I. | publisher =Forbes | date=11 November 1991}}</ref> Averyt later moved to [[South Carolina]] to become the regional manager of a firm that sold savings bonds, United Securities Company of Kansas City, [[Missouri]].<ref name="Insurance Town">{{cite web | url=http://columbiametro.com/Columbia-Metro/December-2011/Insurance-Town/ | title=Insurance Town | author=Anne Creed | publisher=Columbia Metropolitan | accessdate=30 March 2014}}</ref> In 1937, he earned a $2,000 commission.<ref name="Policies priced for profit"/> He raised an additional $3,000 from investors and founded Mutual Accident Company the same year.<ref name="Insurance Town"/> Mutual Accident Company originally sold $1,000 accident policies for $3 annually; policies that were very similar to the policies sold by Averyt's former classmate.<ref name="Policies priced for profit"/>
Mutual Accident Company was converted to a stockholder company in 1939 and renamed Colonial Life & Accident Insurance Company.<ref name="Insurance Town"/><ref>{{cite web|url=http://www.thestate.com/2012/05/13/2274150/sc-business.html |title=Columbia a giant of insurance |author=Jeff Wilkinson |publisher=The State |accessdate=30 March 2014 |deadurl=yes |archiveurl=https://web.archive.org/web/20120616144618/http://www.thestate.com/2012/05/13/2274150/sc-business.html |archivedate=June 16, 2012 }}</ref> Edwin Averyt served as company chief executive until 1970 when failing health forced his retirement.<ref name="Insurance Town"/> His son, Gayle, replaced Averyt as chief executive.<ref name="Policies priced for profit"/> Colonial Life began offering accident and cancer insurance policies to employees using pre-tax dollars in 1985.<ref name="Policies priced for profit"/> These policies accounted for half of all new policies issued by the company by 1990.<ref name="Policies priced for profit"/> In 1989, Colonial Life created a holding company, Colonial Companies, Inc.<ref name="Colonial Life Holders OK Holding Company">{{cite news | title=Colonial Life Holders OK Holding Company | date=16 November 1989 | publisher=Reuters News}}</ref> Colonial Life became a wholly owned subsidiary of Colonial Companies.<ref name="Colonial Life Holders OK Holding Company"/> In March 1991, Stephen G. Hall was named chief executive of Colonial Life.<ref name="Who's News Brief: Colonial Companies Inc.">{{cite news | title=Who's News Brief: Colonial Companies Inc. | date=5 March 1991 | publisher=The Wall Street Journal Europe}}</ref> Hall had served as company president since 1986.<ref name="Who's News Brief: Colonial Companies Inc."/> Gayle Averyt retained chairmanship of the company.<ref name="Who's News Brief: Colonial Companies Inc."/> Hall resigned from Colonial Life in February 1992 and was replaced by Frank Smith.<ref>{{cite news | title=Colonial Cos. Names New President | date=27 February 1992 | publisher=[[Reuters]] News}}</ref>
===Unum subsidiary===
:See also: [[Unum]]
[[Unum]] acquired Colonial Life in 1993 for $571 million.<ref name="Unum to acquire Colonial Cos. in $570 million merger">{{cite news | title=Unum to acquire Colonial Cos. in $570 million merger | date=4 December 1992 | publisher=Reuters News}}</ref> James Orr, [[Unum]]'s chief executive, assumed the position of Colonial Life chief executive with the merger.<ref name="Unum to acquire Colonial Cos. in $570 million merger"/> In 2003, Colonial became the named sponsor of the [[University of South Carolina|University of South Carolina's]] basketball arena.<ref name="USC arena to be renamed 'Colonial Center'">{{cite news | title=USC arena to be renamed 'Colonial Center' | author=Jacob Jordan | date=7 October 2003 | publisher=Associated Press Newswires}}</ref> The company agreed to pay $5.5 million over 12 years for the name rights to [[Colonial Life Arena]].<ref name="USC arena to be renamed 'Colonial Center'"/> Randall Horn became Colonial Life president and chief executive officer in 2004.<ref name="Colonial names new chief">{{cite news | title=Colonial names new chief | publisher=Associated Press Newswires}}</ref> He replaced Jean Duke.<ref name="Colonial names new chief"/>
In 2014, Colonial Life completed a [[Habitat for Humanity]] building project during its 75th anniversary.<ref>{{ cite news | title = Colonial Life has built brand on trust | author = Roddie Burris | publisher = ''The State'' | date = April 19, 2014 | accessdate = May 1, 2014 | url = http://www.thestate.com/2014/04/19/3397696/colonial-life-has-built-brand.html }}</ref><ref>{{ cite news | title = Colonial Life celebrates 75 years of protecting America's workers | publisher = ''[[The Wall Street Journal]]'' | date = April 17, 2014 | accessdate = May 1, 2014 | url = https://www.wsj.com/article/PR-CO-20140417-909712.html }}</ref> In July 2014, Timothy G. Arnold became the company's president. He assumed the role of chief executive in early 2015.<ref>{{cite web | title = Colonial Life CEO Horn to retire, Arnold to take over | publisher=Columbia Regional Business Report| date =20 May 2014| url=http://www.columbiabusinessreport.com/news/51449-colonial-life-ceo-horn-to-retire-arnold-to-take-over?rss=0|accessdate=29 August 2014}}</ref> Through the acquisition of Starmount, Colonial Life became active with dental in 2016.<ref name=DENTAL>{{cite web |url=http://www.timesfreepress.com/news/business/diary/story/2016/dec/23/unum-expands-dental-visiinsurance-2017/404298/ |title=Unum expanding into dental, vision insurance in 2017 |last=Pare |first=Mike |date=December 23, 2016 |website=timesfreepress.com |publisher=[[Times Free Press]] |access-date=June 15, 2017 |quote=}}</ref> In 2017, Colonial Life opened a new office in [[Virginia]], to serve the Virginia and [[Washington, D.C.]] areas.<ref name=PATCH>{{cite web |url=https://patch.com/virginia/tysonscorner/colonial-life-opens-new-dc-territory-office |title=Colonial Life Opens New DC Territory Office |last=Kazour |first=Mona |date=May 2, 2017 |website=patch.com |publisher=[[The Patch]] |access-date=June 15, 2017 |quote=}}</ref> The company has also expanded in [[Georgia (U.S. state)|Georgia]].<ref name=MDJ>{{cite web |url=http://www.mdjonline.com/news/business/colonial-life-names-new-territory-manager-for-georgia/article_27d3da4c-31f5-11e7-adb7-cbb82eb455d8.html |title=Colonial Life names new territory manager for Georgia |last= |first= |date=May 6, 2017 |website= |publisher=[[The Marietta Daily Journal]] |access-date=June 15, 2017 |quote=}}</ref>
==Operations==
Colonial Life sells voluntary insurance products for employees.<ref name="Colonial Life & Accident Insurance Company">{{cite web | url=http://www.hoovers.com/company-information/cs/company-profile.Colonial_Life__Accident_Insurance_Company.9b9a036365cc803f.html | title=Colonial Life & Accident Insurance Company | publisher=Hoovers | accessdate=30 March 2014}}</ref><ref>{{cite web | url=http://insurancenewsnet.com/innarticle/2013/09/27/colonial-life-launches-new-voluntary-group-product-a-395641.html#.UuaAHxDnbIU | title=Colonial Life Launches New Voluntary Group Product | author=Cyril Tuohy | publisher=Insurance News Net | accessdate=30 March 2014}}</ref> The company issues insurance policies in the disability, accident, life, critical illness, hospital confinement and cancer segments.<ref name="Colonial Life & Accident Insurance Company"/> Its products are marketed by independent insurance agents and brokers.<ref name="United States Securities and Exchange Commission 10-K Form Unum Group"/>
The company is headquartered in [[Columbia, South Carolina]].<ref name="Insurance Town"/> Colonial Life is wholly owned by [[Unum]], but operates as an independent subsidiary.<ref name="United States Securities and Exchange Commission 10-K Form Unum Group"/> Colonial Life is one of Unum's three major business segments and accounted for 15% of Unum's premium income for the year 2012.<ref name="United States Securities and Exchange Commission 10-K Form Unum Group"/> Tim Arnold is Colonial Life's chief executive.<ref name="United States Securities and Exchange Commission 10-K Form Unum Group"/>
==See also==
*[[Colonial Life Arena]]
*[[List of United States insurance companies]]
==References==
{{reflist}}
{{DEFAULTSORT:Colonial Life and Accident Insurance Company}}
[[Category:Insurance companies of the United States]]
[[Category:Financial services companies established in 1937]]
[[Category:Companies based in Columbia, South Carolina]]
[[Category:Life insurance companies]]
[[Category:1937 establishments in South Carolina]]
