Unum Group to Reinsure Long-Term Care Reserves With Fortitude Re

Unum Group’s (UNM) subsidiary, Unum Life Insurance Company of America (“Unum America”), has agreed to enter into an agreement with Fortitude Reinsurance Company Ltd. (“Fortitude Re”), on a coinsurance basis, to reinsure statutory long-term care (LTC) reserves and cede multi-life individual disability insurance (IDI) business. Pending regulatory approvals and satisfaction or waiver of other customary closing conditions, the deal is expected to see light during 2025.Per the deal, Unum America will cede to For ...