Sidley Advises Fortitude Re in US$3.8 Billion Reinsurance Transaction With Unum

Sidley is representing Fortitude Re in the reinsurance of US$3.8 billion of individual long-term care (LTC) statutory reserves from Unum Group (NYSE: UMN).

At the closing of the transaction, Unum Life Insurance Company of America will recapture the individual LTC block from Fairwind Insurance Company, a wholly owned subsidiary of Unum, and cede the block to Fortitude Re. Simultaneously with the closing, Fortitude Re will retrocede 100% of the LTC insurance risks to a highly rated global reinsurance partner while retaining the underlying spread-based risks associated with the block of business.

The Sidley team is led by Jon Kelly, Paige Levitt, and Alex Koster (Insurance); and includes Ellen Pesch, Sophia Archos, and Alexander Levine (Insurance); and Peter Edgerton and Nathan Enfield (Tax).