BofA raised the firm’s price target on Unum Group (UNM) to $85 from $75 and keeps a Neutral rating on the shares after the company announced a transaction to reinsure $3.4B of statutory long-term care reserves with Fortitude Re. The firm views this deal as a positive step in management’s goal to de-risk the business and anticipates Unum to conduct additional reinsurance transactions in the future, the analyst tells investors.
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Read More on UNM:
- Unum Group’s Strategic Moves: De-risking Efforts and Hold Rating Amid Limited Upside
- Unum Group Enters Agreement with Fortitude Reinsurance
- Unum Group announces $3.4B long-term care reinsurance deal with Fortitude Re
- Fortitude Reinsurance signs reinsurance transaction with Unum Group
- Unum Group price target raised to $91 from $81 at Wells Fargo