Insurance services provider Amynta Group has entered into a definitive agreement with Unum Group to acquire its medical stop loss business.
The business, which provides medical stop loss coverage to a diverse group of employers and industries across the US, will operate as a full-service MGU under Amynta Risk Solutions.
Marco Forato, senior vice president and chief strategy officer at Unum Group, says: "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."
Meanwhile, John Doucette, CEO of Amynta Risk Solutions, comments: "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."
The transaction is anticipated to close in the third quarter of 2024. Piper Sandler served as a financial advisor, while Faegre Drinker Biddle and Reath was a legal advisor to Unum Group.
