Universal American (UAM) Declares $0.75 Special Dividend; 10.4% Yield

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Go back to Universal American (UAM) Declares $0.75 Special Dividend; 10.4% Yield

Universal American (UAM) to Sell Traditional Insurance Business in $43M+ Deal; Declares Special Dividend

October 8, 2015 5:26 PM EDT

Universal American (NYSE: UAM) announced that it has entered into a definitive agreement to sell its Traditional Insurance business to Nassau Reinsurance Group Holdings, L.P. (Nassau). Universal Americans Traditional Insurance business includes its Medicare Supplement, Long Term Care, Disability, Life, and other ancillary insurance products, all of which have been in run-off since 2012.

Under the terms of the agreement, Nassau will acquire 100% of Constitution Life Insurance Company and The Pyramid Life Insurance Company, as well as the Traditional Insurance business written by American Progressive Life & Health Insurance Company of New York. The purchase price... More