Continental General Agrees to Acquire Elevance LTCI Policies
Continental General Insurance Company and its affiliates have agreed to acquire a block of long-term care insurance policies from Elevance Health.
The Austin, Texas-based company recently announced that it would sell LTCI policy administration services to other insurers.
Michael Gorzynski, Continental General’s chairman, said the Elevance deal will help Continental General become the “acquisition partner and administrator of choice for the long-term care industry.”
What It Means
Insurers and distributors seem to be showing a little more interest in the long-term care insurance and long-term care planning markets, possibly because the aging of the baby boomers has brought more entrepreneurs and company executives into personal, direct contact with people who need care.
The Continental General-Elevance Deal
The Continental General announcement about the Elevance block acquisition came out just days after StanCorp Financial Group said it was acquiring the Elevance group life and group disability business.
The companies have not described the size of the block, and they have not said whether Continental General is paying Elevance or whether Elevance is paying Continental General, or how much cash, if any, is changing hands.
In Other LTCI News…
• Securian Financial said it has cut SecureCare III life-LTC hybrid policy rates by 25% in Connecticut. Earlier this year, the company announced 25% rate cuts in Florida and in the 48 states that use the Interstate Insurance Product Regulation Commission’s Interstate Compact to handle rate filings.
