Amynta Group, the insurance services company, has entered into a definitive agreement with Unum Group, which will see Amynta acquire the Group’s Medical Stop Loss business.
According to the announcement, the business will operate as a full-service managing general underwriter (MGU) under Amynta Risk Solutions.
For those who are not aware, the business provides medical stop loss coverage to a wide group of employers and industries across the U.S.
Further terms of the sale were not disclosed, and the transaction is anticipated to close in the third quarter of 2024, subject to customary closing conditions.
In addition, Piper Sandler & Co. served as financial advisor, while Faegre Drinker Biddle & Reath LLP served as legal advisor to Unum Group.
Marco Forato, senior vice president and chief strategy officer at Unum Group, commented on the acquisition: “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, 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.”
Earlier this year, Amynta Group completed the acquisition of Toronto-based Sutton Special Risk Inc., a MGU of specialty insurance and reinsurance products.
