Reinsurance

12 Months Ended

Dec. 31, 2013

Reinsurance Disclosures [Abstract]

Reinsurance [Text Block]

Our reinsurance recoverable at December 31, 2013 relates to 86 companies. Thirteen major companies account for approximately 91 percent of our reinsurance recoverable at December 31, 2013, and are all companies rated A or better by A.M. Best Company (AM Best) or are fully securitized by letters of credit or investment-grade fixed maturity securities held in trust. Approximately eight percent of our reinsurance recoverable relates to business reinsured either with companies rated A- or better by AM Best, with overseas entities with equivalent ratings or backed by letters of credit or trust agreements, or through reinsurance arrangements wherein we retain the assets in our general account. The remaining one percent of our reinsurance recoverable is held by companies either rated below A- by AM Best or not rated.

Reinsurance data is as follows:

	Year Ended December 31
	2013			2012			2011
	(in millions of dollars)
Direct Premium Income	$	7,777.3		$	7,736.0		$	7,521.5
Reinsurance Assumed	203.2			210.9			216.6
Reinsurance Ceded	(355.8		)	(230.8		)	(223.9		)
Net Premium Income	$	7,624.7		$	7,716.1		$	7,514.2
Ceded Benefits and Change in Reserves for Future Benefits	$	728.7		$	591.7		$	609.2

We entered into reinsurance agreements, effective January 1, 2013, whereby the agreements provide 50 percent coverage up to £0.5 million per covered life and 100 percent coverage, per covered life, above that amount for the existing in-force block of Unum UK group life business as well as new policies issued during the term of the agreements. 

We entered into a reinsurance agreement effective April 1, 2013 to cede the inforce policies on a small block of individual disability business in our Unum US segment.