Supplemental insurance provider Aflac has acquired Tampa-based Argus Holdings LLC and its subsidiary Argus Dental & Vision, which provides dental and vision coverage.
"We are very excited to have Argus join the Aflac family as we move closer to fulfilling our vision of being the number one distributor of benefit solutions to the U.S. workforce," Teresa White, president of Aflac U.S., said in a news release Tuesday.
Argus has 120 employees and roughly a million dental and vision members. According to Aflac, it will continue to be headquartered in Tampa under its current CEO, Nicholas Kavouklis.
"Aflac shares Argus' values of putting the customer first and providing solutions tailored to fit customers' needs," Kavouklis said in the news release.
While the financial terms of the deal were not disclosed, Aflac said Argus was purchased with liquid funds. Aflac maintains a minimum liquid balance of at least $2 billion, and the acquisition did not cause it to dip below that.
The acquisition is expected to be finalized in the final quarter of the year.
Argus works with Medicaid, Medicare Advantage and Children's Health Insurance Program carriers and provides group and individual plans in 48 states. Kavouklis, the CEO who goes by "Dr. Nick," earned his undergraduate biology degree from the University of South Florida and received his dental degree from the University of Florida.
Argus maintains a social presence in the Tampa Bay community through its biannual scholarship program.
"Argus Dental & Vision believes educational scholarship programs provide a meaningful opportunity to demonstrate our commitment to encourage and promote effective social responsibility by aiding students willing to exhibit sacrifice and diligence," the company said.
Aflac's stock price closed at just over $56 per share Tuesday. The insurer may be best known for its duck mascot that squawks the company's name in its ads. A robotic version of the duck called "My Special Aflac Duck" made an appearance in the speaker lineup of France's Cannes Lions Festival of Creativity in June. The mechanical duck is meant to help children with cancer be soothed and distracted during treatments.
Contact Malena Carollo at firstname.lastname@example.org or (727) 892-2249. Follow @malenacarollo.