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October 14, 2002 at 08:00 PM
NU Online News Service, Oct. 14, 2:34 p.m. – Penn Treaty American Corp., Allentown, Pa., says American Insurance Marketing Corp., Atlanta, has agreed to distribute its long-term care insurance products.
American Insurance has generated about $30 million in long-term care insurance policy sales over the past three years, and it has set a goal of producing at least $10 million in Penn Treaty LTC coverage sales over the next 12 months, Penn Treaty says.
American Insurance has also agreed to work with Penn Treaty to develop new LTC insurance products for sale by the 8,000 agents in the American Insurance distribution network and the 45,000 agents in the Penn Treaty distribution network.
Penn Treaty was a pioneer in the modern U.S. LTC insurance market. Although it has usually reported profits, it has been spending the past 18 months overcoming the worries of state regulators that its policy sales were outstripping the supply of capital needed to back obligations to policyholders. Penn Treaty hopes to support the sales it expects to acquire through the American Insurance agreement by raising $20 million in additional capital by Dec. 31, Penn Treaty says.
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