Bermuda-based reinsurer Fortitude Re has finalised a US$3.8bn long-term care (LTC) reinsurance agreement with Unum Group, involving a portfolio of approximately 50,000 individual insurance policies.
The transaction, completed through Fortitude Reinsurance Company Ltd. (FRL) and Unum Life Insurance Company of America (Unum America), follows an earlier agreement between the two companies in 2025.
Fortitude Re reported that the portfolio carries US$3.8bn in statutory reserves and approximately US$4.5bn in reserves calculated on a best-estimate basis.
Debevoise & Plimpton LLP provided legal advice to Unum in relation to the transaction.
