Unum Group entered into a $3.8 billion reinsurance agreement with Fortitude Re to manage risks associated with its individual long-term care insurance policies. Following the announcement, Wolfe Research lowered its price target for the company, and Unum shares fell 3.86% to close at $88.78. By July 12, the group agreed to reinsure an additional portion of its long-term care liabilities under the same multibillion-dollar deal.
