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Disability Insurer Completes Block Recapture

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UnumProvident Corp. has completed previously announced plans to recapture a surplus relief reinsurance arrangement for a closed block of individual disability insurance business from Centre Life Reinsurance Ltd.[@@]

UnumProvident, Chattanooga, Tenn., ceded the business to Centre Re, Hamilton, Bermuda, in 1996.

UnumProvident has continued to handle claims and administration for the block, and taking full responsibility for block claims back from Centre Re will add $185 million in annual premiums and $1.6 billion in assets and reserves, UnumProvident says.

The closed block recapture took effect Aug. 8.