Fortitude Reinsurance Company Ltd has closed a long-term care (LTC) reinsurance agreement with Unum Life Insurance Company of America that covers about 50,000 individual LTC policies, Reinsurance News reported on 4 November. The block carries USD 3.8bn of statutory reserves and about USD 4.5bn on a best-estimate basis.
To set up the deal, Unum first took the policies back from Fairwind Insurance Company, its wholly owned subsidiary, and then ceded them to Fortitude Re. Fortitude has in turn arranged a retrocession under which a highly rated global reinsurer, which was not named, takes the entire LTC insurance risk of the portfolio. Fortitude keeps only spread-based risk, and Unum continues to administer and service the policies.
The transaction follows a first agreement between the two companies in 2025. Together, Unum's two external LTC reinsurance arrangements now cover more than USD 7bn of statutory reserves, according to Reinsurance News. Insurance Business reported that Unum's total LTC statutory reserves are about 40% lower than at the start of 2025 and that about USD 11bn remain, roughly 70% of it backed by group policies, which Unum describes as less complex.
Neither report gave a closing or effective date for the transaction, and no press release from either company was linked.
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Reinsurance News ↗News publisher · 4 Nov 2026
This is an original brief based on the linked publication. Company statements and forecasts are attributed to their source.
