CHATTANOOGA, Tenn. and NEW YORK, July 8, 2024
/PRNewswire/ -- Unum Group (NYSE: UNM) announced that it has
entered into a definitive agreement whereby the Amynta Group, a
leading insurance services provider, will acquire Unum Group's
Medical Stop Loss business ("Stop Loss Business"). The business
will operate as a full-service managing general underwriter under
Amynta Risk Solutions.
The business provides medical stop loss coverage to a
diversified group of employers and industries across the United
States.
"We are pleased to enter into an agreement to sell our Stop Loss
operations to Amynta," said Marco
Forato, senior vice president and chief strategy officer at
Unum Group. "This transaction places the future of the Stop Loss
business in capable hands and poised for strong growth while
enabling Unum to continue its focus on key enterprise
priorities."
John Doucette, CEO of Amynta Risk
Solutions, commented, "The acquisition of Unum's Stop Loss business
aligns perfectly with our commitment to providing comprehensive
solutions that deliver value to our partners and customers. Unum
has built a strong stop loss business, bringing great expertise and
capabilities to the market. We will continue to invest in the
business to drive growth and innovation in the medical stop loss
market."
Terms of the sale were not disclosed. The transaction is
expected to close in the third quarter of 2024, subject to
customary closing conditions.
Piper Sandler & Co. served as
financial advisor and Faegre Drinker Biddle & Reath LLP served
as legal advisor to Unum Group.
About Unum Group
Unum Group (NYSE: UNM), a leading international provider of
workplace benefits and services, has been helping workers and their
families thrive for more than 175 years. Through its Unum and
Colonial Life brands, the company offers disability, life,
accident, critical illness, dental, vision and stop-loss insurance;
leave and absence management support; and behavioral health
services. In 2023, Unum Group reported revenues of more than
$12 billion and paid approximately
$8 billion in benefits. The Fortune
500 company is recognized as one of the World's Most Ethical
Companies by Ethisphere®.
Visit the Unum Group newsroom for more information, and connect
with us on LinkedIn, Facebook, and Instagram.
About Amynta
Amynta Group is an insurance services company with more than
$3.5 billion in total managed premium
across North America, Europe, and Australia. An independent, customer-centered
and underwriting-focused company, Amynta serves leading carriers,
wholesalers, retail agencies, auto dealers, OEMs, and consumer
retailers with innovative insurance and warranty protection
solutions. For more information, please visit
www.amyntagroup.com.
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SOURCE Unum Group