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March 29, 2002 at 07:00 PM
NU Online News Service, March 29, 11:33 a.m. – Penn Treaty American Corp., Allentown, Pa., says it has raised $2.4 million in capital by selling 510,000 shares of common stock to a small number of “unaffiliated accredited investors.”
“The proceeds will be used to supplement the general liquidity needs of the company,” Penn Treaty says.
Penn Treaty was one of the pioneers in the long-term care insurance market, but it has had trouble in recent years coming up with enough capital to back its rapidly growing block of LTC business.
The company has been working with Centre Solutions (Bermuda) Ltd., a reinsurer affiliated with Zurich Financial Services A.G., Zurich, and Pennsylvania regulators to put its finances on a firmer footing.
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