[2] Colonial Life was founded in 1939 by Edwin Averyt and became a wholly owned subsidiary of Unum in 1993.

[4] Colonial Life's history traces back to 1929 when company founder Edwin Averyt was working as a bond salesman and met with a former University of Alabama classmate who was successful at selling individual accident insurance policies.

[5] Averyt later moved to South Carolina to become the regional manager of a firm that sold savings bonds, United Securities Company of Kansas City, Missouri.

[5] He raised an additional $3,000 from investors and founded Mutual Accident Company the same year.

[6][7] Edwin Averyt served as company chief executive until 1970 when failing health forced his retirement.

[5] Colonial Life began offering accident and cancer insurance policies to employees using pre-tax dollars in 1985.

[12] The company agreed to pay $5.5 million over 12 years for the name rights to Colonial Life Arena.

[20][21] The company issues insurance policies in the disability, accident, life, critical illness, hospital confinement and cancer segments.