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Hartford Agrees To Sell LTC Operation

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NU Online News Service, April 29, 11:10 a.m.– Hartford Life Insurance Company, a unit of Hartford Financial Services Group Inc., Hartford, has agreed to sell its long-term care insurance operation to MedAmerica Insurance Company, Rochester, N.Y.

If MedAmerica completes the deal, it will add more than 5,000 long-term care insurance contracts that generate about $5 million in premium revenue per year, MedAmerica says.

MedAmerica says the acquisition would make it the fifth largest seller of group long-term care insurance programs in the United States.

MedAmerica is a subsidiary of Excellus Health Plan Inc., the parent company of several Blue Cross and Blue Shield plans in central and upstate New York.