HAMILTON, Bermuda–FGH Parent, L.P., (together with its subsidiaries, “Fortitude Re”), a leading global reinsurance company, today announced the closing of the 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).

Consistent with the agreement announced Feb. 27, 2025, Unum will cede to FRL, effective as of January 1, 2025, $3.4 billion of individual long-term care (“LTC”) statutory reserves and approximately $120 million of Unum Group’s multi-life individual disability insurance (“IDI”) in-force premium. The cession represents 19% of Unum Group’s total LTC block and 20% of its in-force IDI premium. Unum will continue to service and administer the reinsured policies.

With the closing of this transaction with Unum, FRL has also entered into an agreement to retrocede 100% of the LTC and IDI insurance risks to a highly rated global reinsurance partner. FRL will therefore retain only the underlying spread-based risks associated with this block of business.

Sidley Austin LLP served as legal counsel to Fortitude Re.