Unum signs $3.4B LTC reinsurance deal with Fortitude Re, expects $100M capital benefit

Unum Group

Reinsures 19% of total LTC block ($3.4B statutory reserves) and 20% of in-force IDI premium ($120M).
Estimated $100M capital benefit: $200M from LTC block and $300M from IDI block.
Unum retains administration; biometric risk retroceded to a highly rated global reinsurer.
Expected close in 2025 subject to regulatory approvals and customary conditions.
CEO McKenney says transaction reduces legacy exposure and validates LTC assumptions.

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