Provident agreed to buy a Transamerica unit.

Provident Life & Accident Insurance announced that it will purchase the group life and health operations of Los Angeles-based Transamerica Occidental Life Insurance Co. in a transaction valued at about $275 million. Transamerica Occidental is a subsidiary of Transamerica Corp. of San Francisco. Chattanooga, Tenn.-based Provident said the acquisition includes Transamerica Occidental’s partnership in the national health-care joint venture with American Healthcare Plans. American Healthcare Plans is an affiliate of American Healthcare Systems, which represents the nation’s largest network of not-for-profit hospitals. Transamerica Occidental’s group life and health operations generated $850 million in premiums and premium equivalents in 1985.