Unum agrees to $3.8 billion long-term care reinsurance deal with Fortitude Re
Unum's Unum Life Insurance Company of America agreed on July 2, 2026 to cede a portion of its closed block individual long-term care business to Fortitude Reinsurance Company Ltd. on a 100% quota share coinsurance basis. The company says the deal reduces its legacy long-term care exposure and that the closing is expected during 2026, but it also involves transferring about $5.7 billion of assets and cash and is expected to reduce operating earnings through foregone investment income and incremental interest expense.
Key points
- Reinsures $3.8 billion of long-term care statutory reserves, or 26% of total LTC statutory reserves as of March 31, 2026
- Initial portfolio of assets and cash with fair market value of approximately $5.7 billion to transfer at closing, subject to adjustment for interest rates
- Remaining LTC statutory reserves expected to be about $11.0 billion after the transaction, with year-end 2026 holding company liquidity of $1.5 billion to $2.0 billion
- Closing expected during 2026, subject to regulatory approvals; agreement may be terminated if closing has not occurred within six months of execution
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:12 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 06, 2026.
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