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®.
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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
