Benzinga | Dec 17, 2020 07:10AM EST

Unum Group Announces Reinsurance Transaction With Global Atlantic On $7.1B Closed Individual Disability Block

CHATTANOOGA, Tenn., Dec. 17, 2020 /PRNewswire/ -- Unum Group (NYSE:UNM) today announced that three of its insurance company subsidiaries have entered into an agreement to reinsure a substantial portion of Unum's Closed Individual Disability Insurance Block ("IDI") business, backed by approximately $7.1 billion in reserves, to a subsidiary of Global Atlantic through a coinsurance arrangement. Global Atlantic's subsidiary will maintain over-collateralized trust accounts for the benefit of each Unum ceding company to secure its obligations under the relevant reinsurance agreement. Unum will continue to provide service and administration for the reinsured IDI business.