Insurer expects subsidiary will see total annual benefits revenues exceed $8-billion mark as a result of the acquisition
Sun Life Financial Inc. has completed its acquisition of DentaQuest, the second-largest dental benefits provider in the United States by membership.
CareQuest Institute for Oral Health, a nonprofit organization established in the United States, and minority stakeholder Centerbridge Partners, L.P., a private investment management firm, have sold DentaQuest to Sun Life.
DentaQuest, which was created in 2001 and is headquartered in Boston, has over 33 million members in 36 states and employs over 2,400 people.
Following the transaction, DentaQuest has become part of Sun Life's U.S. business, which provides dental care to employees through their benefits programs and has a large national commercial dentistry network.
Sun Life U.S. provides a broad range of group insurance products, including disability, absence management, life, dental, vision, and optional, as well as medical stop-loss coverage and healthcare navigation services, in addition to dental benefits.
Sun Life U.S.'s total annual benefits revenues are estimated to exceed US$7 billion (~$8.864 billion CAD) following the completion of the transaction. Sun Life's business plan in the United States is to be a leader in health and benefits.
DentaQuest is the leading provider of U.S. Medicaid dental benefits, and has growing businesses in the areas of Medical Advantage, commercial, and U.S. Affordable Care Act (ACA) exchange. That has placed Sun Life as a leader in providing dental benefits related to U.S. government programs.
