12:30 PM EST, 02/27/2025 (MT Newswires) -- 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 ( UNM ) 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 ( UNM ) and is expected to close this year, the companies said.

Shares were up 5.6% in recent trading.

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