Unum Group's (UNM) Unum Life Insurance Company of America unit signed a reinsurance deal with FGH's Fortitude Reinsurance subsidiary, the companies said Thursday.
Under the agreement, Unum will transfer $3.4 billion of individual long-term care statutory reserves and $120 million of its multi-life individual disability insurance in-force premium to Fortitude Re.
The transaction is slated to provide a $100 million capital benefit to Unum and is expected to close this year, the companies said.
Shares were up 5.6% in recent trading.
Price: 81.64, Change: +4.36, Percent Change: +5.64
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