Unum today announced the acquisition, pending regulatory approval, of National Dental Plan (NDP), a leading provider of dental insurance through the workplace. This adds a valuable offering to the Unum portfolio of employee benefits products and services.

Unum acquired NDP from Capita plc, in a deal worth £31.7M. NDP is the latest in a wider expansion of the Unum portfolio in the UK, which started with the introduction of Sick Pay Insurance in 2013.

With recent growth up to 14% year-on-year that is expected to continue apace, the corporate dental insurance market is attractive. NDP’s specialism in this sector, and best-in-class offering, has meant it has shared in this buoyant growth. By adding access to Unum’s larger, market-leading distribution network, as well as Unum’s existing customers, the NDP business is poised for even more rapid expansion.

Together, Unum and NDP will expand benefits to more customers, reach more brokers, and grow the dental market further.

Peter O’Donnell, Unum UK CEO O’Donnell, said: “NDP is a great business, providing market-leading dental insurance through the workplace, and we’re proud to have it become part of Unum. We see NDP as complementary to our existing operations, and Unum will retain NDP’s current management and employees. They are vital for implementing our strategic vision for NDP, as well as continuing to deliver NDP’s great service to their existing 500 corporate customers and 150,000 insured employees.”

“Dental insurance is a natural fit with our existing portfolio, as Unum looks to grow our employee benefits footprint, particularly in the health and wellbeing arena.”

“Businesses increasingly recognise that investment in staff wellbeing pays back through better productivity and retention, and lower sickness absence costs. This is why in recent years Unum has been exploring the value of workplace wellbeing. We believe a well-balanced employee benefits package is a tangible way employers can support their workforce, and NDP’s dental offering clearly augments our portfolio here.”

Andrew Bower NDP MD said: “Unum’s purchase of NDP creates tremendous potential to expand access to dental insurance through the worksite. We’re excited by the opportunity to broaden the reach of our proposition, through access to Unum’s strong distribution network and large customer base. This gives firm foundations for the continuity, growth and prosperity of this business.”

Fenchurch Advisory Partners acted as financial adviser to Unum.