Nexsen Pruet Represents CAIC in $100 Million Purchase by AFLAC

Nexsen Pruet attorneys played a critical role in Aflac’s recent $100 million acquisition of Continental American Insurance Co. (CAIC).  The transaction closed effective October 1, 2009.

Mark Knight, the firm’s lead mergers & acquisitions (M&A) counsel, headed a team that represented Columbia-based CAIC in the five-month-long process that began in May. Joining him were Jones DuBose, Hart-Scott-Rodino counsel; Andrew Dennis, corporate counsel; Larkin Elzey, M&A counsel; and Billy Newsome, tax counsel.

CAIC specializes in voluntary group insurance products that are distributed by insurance brokers at the worksite.  Aflac, headquartered in Columbus, Ohio, offers supplemental dental, vision, disability, and other insurance policies.

”Over the past 30 years, CAIC built a solid reputation and that’s why Aflac came calling – although the company was not for sale.  And after the initial meeting, both sides began to realize how an acquisition could be mutually beneficial,” Knight said. “This deal is not only a good exit for CAIC shareholders, but also a good fit for CAIC’s employees, brokers and customers.

As a subsidiary of Aflac, CAIC will remain in Columbia and its current management team will stay in place.

Nexsen Pruet, LLC is one of the largest law firms in the Carolinas, with more than 170 attorneys and offices in Columbia, Charleston, Greenville, Hilton Head, and Myrtle Beach, S.C., and Charlotte, Greensboro, and Raleigh, N.C.  Founded in 1945, Nexsen Pruet provides a broad range of legal services to the business community and represents companies and other entities in local, state, national, and international venues.