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.[5] 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.[6] In 1937, he earned a $2,000 commission.[5] He raised an additional $3,000 from investors and founded Mutual Accident Company the same year.[6] 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.[5]
Mutual Accident Company was converted to a stockholder company in 1939 and renamed Colonial Life & Accident Insurance Company.[6][7] Edwin Averyt served as company chief executive until 1970 when failing health forced his retirement.[6] His son, Gayle, replaced Averyt as chief executive.[5]
Colonial Life began offering accident and cancer insurance policies to employees using pre-tax dollars in 1985.[5] These policies accounted for half of all new policies issued by the company by 1990.[5] In 1989, Colonial Life created a holding company, Colonial Companies, Inc.[8] Colonial Life became a wholly owned subsidiary of Colonial Companies.[8]
In March 1991, Stephen G. Hall was named chief executive of Colonial Life.[9] Hall had served as company president since 1986.[9] Gayle Averyt retained chairmanship of the company.[9] Hall resigned from Colonial Life in February 1992 and was replaced by Frank Smith.[10]
Unum acquired Colonial Life in 1993 for $571 million.[11] James Orr, Unum's chief executive, assumed the position of Colonial Life chief executive with the merger.[11] In 2003, Colonial became the named sponsor of the University of South Carolina's basketball arena.[12] The company agreed to pay $5.5 million over 12 years for the name rights toColonial Life Arena.[12] Randall Horn became Colonial Life president and chief executive officer in 2004.[13] He replaced Jean Duke.[13] In July 2014, Timothy G. Arnold became the company's president. He assumed the role of chief executive in early 2015.[14]
In 2014, Colonial Life completed a Habitat for Humanity building project during its 75th anniversary.
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