Universal American Financial Corp. has completed selling its UAFC (Canada) Inc. subsidiary to a Canadian joint venture for $93 million in cash up front and up to $3 million in future cash incentive payments.

UAFC is the parent of PennCorp Life Insurance Company.

A unit of La Capitale Financial Group Inc., Montreal, owns 70% of the stock of the joint venture that bought UAFC, and GMF Assurances, Paris, a mutual insurer, owns the rest, according to Universal American, Rye Brook, N.Y.

Universal American will use the proceeds from the sale to support the company’s rapidly growing Medicare business, the company says.