LifeSecure Insurance Company is using an acquisition to speed up expansion of its new long term care insurance program.
LifeSecure, Brighton, Mich., is a unit of Blue Cross Blue Shield of Michigan, Detroit, that announced plans in October to sell simple LTC insurance policies.
The company now says it has bought Columbia Universal Life Insurance Company, Austin, Texas, a life insurer licensed to do business in 41 states and the District of Columbia.
LifeSecure is not disclosing the price of the deal.
Columbia Universal is an annuity issuer that once was affiliated with Allstate Corp., Northbrook, Ill. Allstate sold the company to Verde Financial Corp., Phoenix, in 2004.