09:40 AM EST - Manulife Financial Corporation : Has agreed to reinsure to Global Atlantic four blocks of legacy/low ROE business, including $6 billion of long-term care reserves. Key highlights of the transaction: Reinsuring $13 billion of reserves, including $6 billion, or 14% of total LTC reserves, to Global Atlantic and its partners. Represents largest ever LTC reinsurance transaction. Ability to transact with leading reinsurance counterparty and its LTC reinsurance partner further validates the prudence of our LTC reserves and assumptions. Manulife Financial Corporation
shares T.MFC are trading unchanged at $27.08.
