The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions, and will see the Medical Stop Loss unit operate as a full-service managing general underwriter under Amynta Risk Solutions.
The Medical Stop Loss business, which provides coverage to a diverse array of employers and industries nationwide, will continue to offer its services under the new ownership. This acquisition allows Amynta Group to expand its portfolio and strengthen its position in the medical stop loss market.
With this strategic move, Unum Group aims to streamline its operations and focus on its core business areas, while Amynta Group gains a valuable addition to its insurance services offerings.
Marco Forato, senior vice president and chief strategy officer at Unum Group commented, saying: “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.”
John Doucette, CEO of Amynta Risk Solutions also 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.”
He added: “ We will continue to invest in the business to drive growth and innovation in the medical stop loss market.”
