Unum Group announced that it has entered into a definitive agreement whereby the Amynta Group, an insurance services provider, will acquire Unum Group's Medical Stop Loss business.

CHATTANOOGA, Tenn. and NEW YORK, July 8, 2024 /PRNewswire/ -- Unum Group (NYSE: UNM) announced that it has entered into a definitive agreement whereby the Amynta Group, a leading insurance services provider, will acquire Unum Group's Medical Stop Loss business ("Stop Loss Business"). The business will operate as a full-service managing general underwriter under Amynta Risk Solutions.The business provides medical stop loss coverage to a diversified group of employers and industries across the United States."We are pleased to enter into an agreement to sell our Stop Loss operations to Amynta," said Marco Forato, senior vice president and chief strategy officer at Unum Group. "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, commented, "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."Terms of the sale were not disclosed

Doucette joins Amynta to spearhead newly created division.