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Unum Sells Medical Stop Loss Business to Amynta

Posted on by angelo
Unum Sells Medical Stop Loss Business to Amynta

Unum Sells Medical Stop Loss Business to Amynta
Following the agreement, Unum’s medical loss management unit will operate as a full-service general underwriter (MGU) under Amynta Risk Solutions. Credit: National Cancer Institute/Unsplash.

Unum Group, a U.S.-based workplace benefits company, has signed a definitive agreement to sell its stop-loss medical insurance business to Amynta Group.

Financial details of the deal remain undisclosed.

Unum’s medical stop loss division serves a wide range of employers and industries across the United States.

Once the transaction is completed, the company will operate as a full-service MGU under Amynta Risk Solutions.

The anticipated closing of the transaction is expected to occur in the third quarter of 2024, subject to the satisfaction of standard closing conditions.

Marco Forato, Senior Vice President and Chief Strategy Officer of Unum Group, said: “We are pleased to enter into an agreement to sell our Stop Loss business to Amynta. This transaction places the future of the Stop Loss business in capable hands poised for strong growth, while allowing Unum to continue to focus on key business priorities.”

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John Doucette, CEO of Amynta Risk Solutions, said: “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 deep 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.”

In March, Amynta completed the acquisition of Sutton Special Risk, a Canadian MGU known for its niche insurance and reinsurance solutions.

Since its inception in 1978, Sutton Special Risk has offered a range of accident and health insurance products including personal accident, disability, critical illness and specialist covers tailored to the professional sports and entertainment sectors.

In May, Unum partnered with Nationwide to launch Unum Pet Insurance.

This new insurance product is designed to complement the client’s existing voluntary benefits with Unum.