Latest news with #RichardP
Business Wire
01-07-2025
- Business
- Business Wire
Unum Group Closes $3.4 Billion Long-Term Care Reinsurance Transaction with Fortitude Re
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--Unum Group (NYSE: UNM) announced today that its Unum Life Insurance Company of America subsidiary (Unum America) closed its previously announced reinsurance transaction with Fortitude Reinsurance Company Ltd. (Fortitude Re). 'With the close of this transaction we have achieved a significant milestone in reducing the company's exposure to the legacy long-term care business,' said Richard P. McKenney, president and chief executive officer. 'Looking forward, we remain focused on further reducing our risk profile, delivering growth in our core businesses, optimizing our capital, and delivering value for our shareholders.' According to the agreement, Unum America will cede $3.4 billion of individual LTC reserves and approximately $120 million of IDI in-force premium to Fortitude Re, on a coinsurance basis. The ceded business comprises individual LTC insurance policies representing 19% of Unum's total LTC block and a quota share of IDI policies reinsured from an affiliate representing 20% of Unum's total in-force IDI premium. Overall the transaction is expected to generate approximately $100 million capital benefit. As previously announced, Fortitude Re will retrocede biometric risk to a highly rated global reinsurer. Unum will continue to provide service and administration for the reinsured business. Debevoise & Plimpton LLP served as legal counsel to Unum in connection with this transaction. Forward-Looking Statements Certain statements in this release constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Unum Group and its subsidiaries. Unum Group's actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in Part 1, Item 1A (Risk Factors) of Unum Group's Annual Report on Form 10-K for the year ended December 31, 2024. The forward-looking statements in this release speak only as of the date of this release, and Unum Group does not undertake to update any particular forward-looking statement included in this release. 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, and vision insurance; leave and absence management support; and behavioral health services. In 2024, Unum Group reported revenues of $12.9 billion and paid $8.0 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.
New York Times
18-06-2025
- Sport
- New York Times
Welcome to cricket coverage from The Athletic
Dear readers, 'CRICKET ON THE ATHLETIC?! MY WORD… LET'S GO,' said subscriber Rajiv S. 'We need more cricket content on The Athletic please,' wrote Ethan D. 'Dear Athletic…. more cricket articles please,' added Richard P. These are just three comments on some of our cricket news stories — and we hope there will be many more to come. Advertisement We've read your comments, we've listened and I'm really proud to say that, from today, you'll be able to find cricket coverage on The Athletic under our Global Sports banner. We'll aim to take you inside this absorbing game and analyse the global moments that matter, starting with India's Test series in England, which begins at Headingley, Leeds on Friday, June 20. We'll try to tell you things you didn't know about the sport you love; dig into the sports business and cultural aspects; offer technical insight and explain what on earth's going on if there's controversy or high drama (which there undoubtedly will be). And if you're new to cricket, then there will be pieces for you, too. I'm perhaps biased, but this game, in all its different forms, offers such a particularly rich vein of storytelling, and good sportswriting is good sportswriting, whatever the subject matter. I'm really lucky to work with so many people here who care deeply and are incredibly knowledgeable about this sport, where it's come from and where it's going, and who are also tuned in to cricket's capacity to make you smile. You might be familiar with some of our writers from their football or soccer coverage, but we hope you'll get to read them in a new light — and discover new voices too. Do let us know in the comments below if there's a cricket piece you really want to read, and we'll work on producing a selection of the best ideas. I started my career running cables around cricket grounds from Jaipur to Jamaica, tracking the ball's trajectory working for Hawk-Eye, and it's such a thrill to be able to get under the covers of this fascinating (and sometimes ridiculous, perplexing or infuriating) sport again. I do hope you'll enjoy our coverage. Thanks for your support, Laura Laura Williamson, Editor-in-Chief Click here to follow cricket on The Athletic. (Top photos: Getty Images)
Business Wire
17-06-2025
- Politics
- Business Wire
Delaware Association of Chiefs of Police Urges Inclusive, Evidence-Based Police Reform
DOVER, Del.--(BUSINESS WIRE)--The Delaware Association of Chiefs of Police (DACP) today issued a statement calling for a renewed commitment to inclusive, evidence-based discussion surrounding police best practices that prioritizes public safety and stakeholder collaboration. 'Delaware law enforcement has not just supported meaningful reform, we've been at the forefront of it, driving the conversation, shaping policy, and ensuring it works in practice as well as on paper,' said Chief Richard P. McCabe, DACP President and Chief Share 'Delaware law enforcement has not just supported meaningful reform, we've been at the forefront of it, driving the conversation, shaping policy, and ensuring it works in practice as well as on paper,' said Chief Richard P. McCabe, DACP President and Chief of the New Castle City Police Department. Through landmark legislation such as HB 205 and HB 206, DACP has helped create frameworks for transparency, accountability, and oversight, ensuring all stakeholders—especially the public—have a seat at the table. 'That's how real reform should be done: openly, thoughtfully, and with mutual respect,' Chief McCabe emphasized. However, DACP is deeply concerned by a recent wave of advocacy-driven proposals introduced without meaningful dialogue or partnership. 'These bills are rushed, often politically motivated, and leave out the very professionals who will be expected to implement them. That's not reform; it's recklessness,' said McCabe. Advocacy-driven bills often lack stakeholder balance, with many recent policing proposals developed exclusively by activist groups and without input from law enforcement leaders. 'When legislation is crafted without operational perspective, it creates confusion, invites litigation, and leads to inconsistent application across jurisdictions. These are not just technical issues—they impact the safety of our communities and the effectiveness of public safety agencies statewide,' McCabe added. While advocacy plays a vital role in the democratic process, DACP warns that legislation heavily shaped by advocacy groups or ideology can polarize communities and erode trust in government and public safety institutions. 'Effective and sustainable change requires inclusive, evidence-based dialogue, not advocacy-driven mandates,' said McCabe. DACP calls on our elected officials to honor the progress made through HB 205 and 206 by pausing legislation that ignores process, excludes stakeholders, and threatens public safety.
Boston Globe
05-03-2025
- Boston Globe
Mother and three children arrested in Hudson after allegedly brandishing firearm on social media livestream
Her children were not identified due to their ages. The 17-year-old boy is facing multiple illegal gun charges, the statement said. The 14-year-old girls are charged with assault and battery on a police officer and assault with a dangerous weapon. One is facing the additional charge of interfering with a police officer, Hudson police said in a statement Tuesday. Advertisement All three minors were also arraigned on Monday in Marlborough District Court, police said. The four were arrested last Friday, the day after police 'were made aware' of a person brandishing a firearm on a social media livestream, the statement said. With help from Southbridge police, investigators identified the 17-year-old and determined that he did not have firearms identification card, police said. A search warrant was executed at one of the family's home on Green Street around 1:30 p.m. on Friday, where two other minors inside became verbally aggressive with police and tried to have a dog at the residence attack the officers, according to the statement and court records. A 14-year-old made physical contact with an officer while police were attempting to de-escalate the situation, the statement said. Dasilva was asked by police to wait outside as one of the minor's was being detained, the statement said. Police then watched Dasilva take one of the minor's phones while outside. Police seized a fully loaded 9mm Taurus GX4 handgun and several rounds of ammunition inside of the home, the statement said. 'I would like to commend the efforts of the members of Hudson and Southbridge police who assisted in this investigation,' Hudson Police Chief Richard P. DiPersio said. 'Their commitment to sound, proactive police work plays an instrumental role in keeping the community safe.' Advertisement Kiera McDonald can be reached at
Yahoo
27-02-2025
- Business
- Yahoo
Unum Group Announces $3.4 Billion Long-Term Care Reinsurance Transaction with Fortitude Re
Reinsuring $3.4 billion of statutory long-term care (LTC) reserves, representing 19% of total LTC statutory reserves Ceding a portion of multi-life individual disability insurance (IDI) business, representing 20% of Unum US in-force IDI premium Total transaction expected to drive $100 million capital benefit to Unum Significant step in reducing exposure to legacy LTC business CHATTANOOGA, Tenn., February 27, 2025--(BUSINESS WIRE)--Unum Group (NYSE: UNM) announced today that its Unum Life Insurance Company of America subsidiary (Unum America) has agreed to enter into an agreement to cede to Fortitude Reinsurance Company Ltd. (Fortitude Re), on a coinsurance basis, individual LTC insurance policies representing 19% of Unum's total LTC block and a quota share of IDI policies reinsured from an affiliate representing 20% of Unum's total in-force IDI premium, effective January 1, 2025. At the closing of the transaction, Unum America will cede $3.4 billion of individual LTC reserves and approximately $120 million of IDI in-force premium to Fortitude Re, who will then retrocede biometric risk to a highly rated global reinsurer. The IDI portion of the transaction will consist of business reinsured from an affiliate, Provident Life and Accident Insurance Company, and will not include new business going forward. Overall, the transaction is expected to generate an estimated $100 million capital benefit, comprised of a $200 million capital impact related to the reinsured LTC block and a $300 million capital benefit related to the reinsured IDI block. Unum will continue to provide service and administration for the reinsured business. The transaction is expected to close during 2025, subject to receipt of required regulatory approvals and satisfaction or waiver of other customary closing conditions. "The transaction announced today with Fortitude Re is consistent with our strategy of growing a leading employee benefits business while reducing our exposure to the legacy long-term care business. Through this action we further improve our risk profile, decrease the footprint of the closed block, and shift focus towards our more capital efficient, higher-returning core businesses," said Richard P. McKenney, president and chief executive officer. "The transaction also validates our assumptions for the LTC block, and the actions we have taken over the last several years. We remain committed to our closed block strategy, pursuing opportunities to optimize our capital, and delivering value for our shareholders." Members of Unum Group senior management will host a conference call on Thursday, February 27, 2025, at 8:00 a.m. ET to discuss the reinsurance transaction. To access the conference call, you must register in advance using the following URL: Upon registration, you will receive a dial-in number to use to access the event. It is recommended that you register at least 10 minutes before the start of the event. In addition, a live webcast of the call will be available in a listen-only mode on the company's investors website at It is recommended that webcast viewers access the website and opt-in to the webcast approximately 5-10 minutes prior to the start of the call. Following the conference call, a replay of the webcast will be available on the company's investors website, and a recording of the call will also be available using the registration URL noted above through March 6, 2025. In conjunction with today's announcement, a presentation with details of the transaction and additional information is available on the company's investors website. Debevoise & Plimpton LLP served as legal counsel to Unum in connection with this transaction. Forward-Looking Statements Certain statements in this release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management's current expectations and beliefs concerning future developments and their potential effects upon Unum Group and its subsidiaries. Unum Group's actual results may differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in Part 1, Item 1A (Risk Factors) of Unum Group's Annual Report on Form 10-K for the year ended December 31, 2023. The forward-looking statements in this release speak only as of the date of this release, and Unum Group does not undertake to update any particular forward-looking statement included in this release. 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, and vision insurance; leave and absence management support; and behavioral health services. In 2024, Unum Group reported revenues of $12.9 billion and paid $8.0 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. View source version on Contacts MEDIAEmily Downing-Baeredowning@ INVESTORSMatt Royalinvestorrelations@ Sign in to access your portfolio
