Fortitude Re Announces Closing of $3.8 Billion Long-Term Care Reinsurance Agreement with Unum Group
Fortitude Re today announced the closing of the previously announced reinsurance transaction between its subsidiary, Fortitude Reinsurance Company Ltd. ("FRL"), and Unum Life Insurance Company of America ("Unum"), a subsidiary of Unum Group (NYSE:UNM). At closing, Unum recaptured a group of individual LTC policies from Fairwind Insurance Company ("Fairwind"), a wholly owned subsidiary of Unum, and reinsured them with FRL. The transaction covers approximately 50,000 policies, representing $3.8 billion in statutory reserves and approximately $4.5 billion on a best estimate reserve basis. It builds on the successful transaction between Fortitude Re and Unum announced last year. Unum will c