Unum Group ( (UNM) ) has shared an update.
On February 26, 2025, Unum Life Insurance Company of America, a subsidiary of Unum Group, entered into a Master Transaction Agreement with Fortitude Reinsurance Company Ltd. to reinsure a portion of its closed block individual long-term care business and individual disability business. This transaction, effective January 1, 2025, involves ceding $3.4 billion of long-term care reserves and $120 million of in-force premium to Fortitude Re, with an expected capital benefit of $100 million for Unum. The move is part of Unum’s strategy to reduce exposure to legacy long-term care business and focus on higher-returning core businesses, while continuing to provide service and administration for the reinsured business. The transaction is anticipated to close in 2025, subject to regulatory approvals and customary conditions.
More about Unum Group
Unum Group is a leading international provider of workplace benefits and services, offering disability, life, accident, critical illness, dental, and vision insurance, as well as leave and absence management support and behavioral health services. The company operates through its Unum and Colonial Life brands and is recognized as one of the World’s Most Ethical Companies by Ethisphere.
YTD Price Performance: 6.42%
Average Trading Volume: 1,200,594
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $14.11B
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