Latest news with #IDI
Yahoo
01-07-2025
- Business
- Yahoo
Fortitude Re Announces Closing of Long-Term Care and Individual Disability Insurance Reinsurance Agreement with Unum Group
HAMILTON, Bermuda, July 01, 2025--(BUSINESS WIRE)--FGH Parent, L.P., (together with its subsidiaries, "Fortitude Re"), a leading global reinsurance company, today announced the closing of the reinsurance transaction between its subsidiary, Fortitude Reinsurance Company Ltd. ("FRL") and Unum Life Insurance Company of America ("Unum"), a subsidiary of Unum Group (NYSE: UNM). Consistent with the agreement announced Feb. 27, 2025, Unum will cede to FRL, effective as of January 1, 2025, $3.4 billion of individual long-term care ("LTC") statutory reserves and approximately $120 million of Unum Group's multi-life individual disability insurance ("IDI") in-force premium. The cession represents 19% of Unum Group's total LTC block and 20% of its in-force IDI premium. Unum will continue to service and administer the reinsured policies. With the closing of this transaction with Unum, FRL has also entered into an agreement to retrocede 100% of the LTC and IDI insurance risks to a highly rated global reinsurance partner. FRL will therefore retain only the underlying spread-based risks associated with this block of business. Sidley Austin LLP served as legal counsel to Fortitude Re. About Fortitude Re Fortitude Re is a leading provider of reinsurance solutions with $106 billion in total assets as of Dec. 31, 2024. The foundations of our business model are our exceptional insurance professionals and the support of the world's most sophisticated insurance investors, including Carlyle and T&D Insurance Group. Our people, our capital strength and our capabilities drive strategic reinsurance solutions designed to meet our clients' highest priority goals and to create sustainable, long-term value for our shareholders, our teammates, and the communities in which we operate. For more information visit, and follow Fortitude Re on LinkedIn. View source version on Contacts MEDIA Mary Beth INVESTORS Tanmay GuptaInvestorRelations@
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.
Business Wire
01-07-2025
- Business
- Business Wire
Fortitude Re Announces Closing of Long-Term Care and Individual Disability Insurance Reinsurance Agreement with Unum Group
HAMILTON, Bermuda--(BUSINESS WIRE)--FGH Parent, L.P., (together with its subsidiaries, 'Fortitude Re'), a leading global reinsurance company, today announced the closing of the reinsurance transaction between its subsidiary, Fortitude Reinsurance Company Ltd. ('FRL') and Unum Life Insurance Company of America ('Unum'), a subsidiary of Unum Group (NYSE: UNM). Consistent with the agreement announced Feb. 27, 2025, Unum will cede to FRL, effective as of January 1, 2025, $3.4 billion of individual long-term care ('LTC') statutory reserves and approximately $120 million of Unum Group's multi-life individual disability insurance ('IDI') in-force premium. The cession represents 19% of Unum Group's total LTC block and 20% of its in-force IDI premium. Unum will continue to service and administer the reinsured policies. With the closing of this transaction with Unum, FRL has also entered into an agreement to retrocede 100% of the LTC and IDI insurance risks to a highly rated global reinsurance partner. FRL will therefore retain only the underlying spread-based risks associated with this block of business. Sidley Austin LLP served as legal counsel to Fortitude Re. About Fortitude Re Fortitude Re is a leading provider of reinsurance solutions with $106 billion in total assets as of Dec. 31, 2024. The foundations of our business model are our exceptional insurance professionals and the support of the world's most sophisticated insurance investors, including Carlyle and T&D Insurance Group. Our people, our capital strength and our capabilities drive strategic reinsurance solutions designed to meet our clients' highest priority goals and to create sustainable, long-term value for our shareholders, our teammates, and the communities in which we operate. For more information visit, and follow Fortitude Re on LinkedIn.
Scoop
26-06-2025
- Health
- Scoop
New Research Shows Poverty Hitting Intellectually Disabled New Zealanders The Hardest
A new IHC report reveals that New Zealanders with an intellectual disability are twice as likely to live in hardship or severe hardship compared to the rest of the population. IHC Advocate Shara Turner says the report, The Cost of Exclusion: Hardship and People with Intellectual Disability in New Zealand, shows this is a deep, systemic issue. 'The cost of disability is real and it's falling entirely on individuals and families who are often excluded from work, transport and even food. 'It is not acceptable that people with intellectual disabilities can't afford a healthy diet. 'It's also unacceptable that this is not part of national conversations on poverty. 'We need to include intellectual disability in all poverty tracking and public reporting. We need to adjust income support to reflect the true cost of disability and to build joined-up systems that recognise the long-term, cross-sector disadvantage disabled people experience.' The report shows that people with intellectual disability face significantly higher rates of hardship at every stage of life: Hardship is twice as likely for people with an intellectual disability under 40 and almost three times as likely for those aged 40-64 compared to others Severe hardship rates triple in middle age, even as they decline for the rest of the population Nearly 50% of people with intellectual disability cannot pay an unavoidable bill within a month without borrowing (vs. 18% of others) They are over four times more likely to go without a meal with meat (or vegetarian protein equivalent) every second day They are almost three times more likely to cut back on fresh fruit and vegetables due to cost Nearly 30% of children with intellectual disability can't have friends over for a meal due to cost Children with intellectual disability are also over twice as likely to not have daily access to fresh food and are 6.5 times more likely to miss out on school events for the same reason. The report was completed for IHC by Kōtātā researchers Keith McLeod and Luisa Beltran-Castillon, and Geoff Stone from Ripple Research. They interviewed people with an intellectual disability and their families, and extracted data about the outcomes of people with intellectual disability from the Integrated Data Infrastructure (IDI), one of the more comprehensive linked datasets in the world. The IDI holds de-identified data on nine million individuals in New Zealand, dating back to 1840, collected from government agencies, surveys and non-governmental organisations over many years.
LeMonde
20-06-2025
- Politics
- LeMonde
Despite destruction and death, Israelis widely support war against Iran
Shoshi Arbuz received the alert on her phone just minutes before the explosion. Along with her four children, her husband and their dog, they had just enough time to get down to the shelter beneath their small four-story building – a room just a few square meters in the basement, furnished with plastic chairs and a reinforced door. When the Iranian missile struck less than 100 meters away just after 7 am on Thursday morning in Holon, a southern suburb of Tel Aviv, the ground shook in the basement-turned-shelter. "Everything went black, the shelter filled with dust," said the 40-year-old municipal employee. The building across the street, which took a direct hit, was partially destroyed. About 30 people were rescued from it, including two who were critically injured, according to the city's chief fire officer. The blast destroyed the inside of the family apartment, as well as dozens of others around the impact site. In her partially-destroyed living room, Arbuz repeated that she didn't "want war," but nevertheless firmly supported the Netanyahu government's decision to launch a surprise attack on Iran on June 13, because of the nuclear threat. "Iran wants to destroy us. I understand that if we hadn't attacked, they would have," she explained, echoing the public's deep-seated fears about the dangers posed by the Iranian regime. While Prime Minister Benjamin Netanyahu's policies regarding the hostages held by Hamas in the Gaza Strip since the October 7, 2023 terrorist attack have caused months of anger and incomprehension, the bombing of targets in Iran has, at least for now, been met with wide approval: More than 80% of Jewish Israelis support the strikes, according to a recent poll conducted for the Israel Democracy Institute (IDI).
