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Reinsurer Backs LTC Insurer

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Munich American Reassurance Company has agreed to reinsure an individual long term care insurance product sold by MedAmerica Insurance Company.

MedAmerica, Pittsburgh, says the reinsurance arrangement will help it support sales of its popular CareDirections Simplicity LTC product.

Some long term care insurers seem to be retreating from the LTC insurance market, but, at MedAmerica, a unit of Lifetime Healthcare Companies, Rochester, N.Y., “individual sales are at an all-time high,” MedAmerica President Christopher Perna says in a statement. “We foresee unlimited opportunity in the marketplace for future growth.”

Munich American, Atlanta, is a unit of the Munich Re Group, Munich.