Unum Group UNM is set to acquire H&J Capital, LLC, the parent company of Starmount Life Insurance Company and AlwaysCare Benefits (“Starmount”) for $127 million plus net assets. This acquisition will support the acquirer’s growth initiatives by expanding its customer relationships.Notably, Unum Group’s overall capital management strategy will remain unaffected by this acquisition. Also, the deal will have no impact on the insurer’s earnings or capital management outlook for 2016. Nonetheless, the company expects this transaction to be neutral to accretive to its bottom line in 2017. The acquisition is expected to culminate by the end of the third quarter.Louisiana-based Starmount, which was founded in 1983, is a leading independent dental and vision benefits company that offers individual products in the market under the brand name – Starmount Life. The company markets its group and voluntary benefits, such as dental, vision and critical illness, under the AlwaysCare Benefits brand.The acquisition will further bolster the already robust portfolio of workplace financial protection products of the company. Unum Group’s believes that Starmount will be a valuable addition to its “market-leading offerings in the workplace.” Thus, the addition of Starmount will be a perfect fit for both the acquirer’s Unum U.S. and Colonial Life businesses.Demand from dental and vision insurance at the workplace, which is already strong, is growing further. Thus, the latest deal will expand Unum Group’s capabilities and help it to capitalize on the opportunities.The company has always undertaken strategic acquisitions that enhance its growth profile. To that end, on Aug 2015, Unum acquired U.K.-based National Dental Plan. This acquisition enabled the acquirer to make substantial value addition and enhancement to its portfolio of employee benefit products and services in U.K.Following the inorganic route to ramp up one’s growth profile seems a well-accepted strategy among insurers as acquisitions and consolidations rage this space. Last month, Arthur J. Gallagher & Co. AJG acquired Joseph Distel & Co, Inc. for an undisclosed amount. Also, Sun Life Assurance Company of Canada, the wholly owned subsidiary of Sun Life Financial Inc. SLF acquired the employee benefits business of Assurant Inc. AIZ for $940 million.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report UNUM GROUP (UNM): Free Stock Analysis Report GALLAGHER ARTHU (AJG): Free Stock Analysis Report SUN LIFE FINL (SLF): Free Stock Analysis Report ASSURANT INC (AIZ): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research