Following the deal, Unum’s medical stop loss unit will operate as a full-service managing general underwriter (MGU) under Amynta Risk Solutions. Credit: National Cancer Institute/Unsplash.

Unum Group, a US company engaged in providing workplace benefits, has signed a definitive agreement to divest its medical stop loss business to Amynta Group.  

Financial specifics of the deal remain undisclosed.  

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Unum’s medical stop loss division caters to a diverse range of employers and industries throughout the US. 

Following the deal’s completion, it will operate as a full-service MGU under Amynta Risk Solutions. 

The anticipated completion of the transaction is slated for the third quarter of 2024, pending the satisfaction of standard closing conditions.  

Unum Group senior vice-president and chief strategy officer Marco Forato said: “We are pleased to enter into an agreement to sell our Stop Loss operations to Amynta. 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.”  

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Amynta Risk Solutions CEO John Doucette 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 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.” 

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 been offering an array of accident and health insurance products including personal accident, disability, critical illness and specialised coverages tailored to the professional sports and entertainment industries. 

In a separate development in May, Unum partnered with Nationwide to launch Unum Pet Insurance.  

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