A Northeastern long term care insurer has announced the purchase of a block of LTC insurance business.[@@]
The insurer, MedAmerica Insurance Company, Pittsburgh, is acquiring 3,000 policies written by Blue Cross and Blue Shield carriers in Alaska, Virginia and Washington state.
MedAmerica recently began reinsuring the policies, and it took over policy administration today, the company says.
The acquired LTC policies generate $4.8 million in annual premium revenue and $525,000 in administrative fees, MedAmerica says.
MedAmerica already administers LTC policies for more than 40 other carriers.
MedAmerica is a unit of The Lifetime Healthcare Companies, Rochester, N.Y., a nonprofit health insurer.