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New Chairman Enters At Penn Treaty

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A private long term care insurer has announced a leadership change.

Penn Treaty American Corp., Allentown, Pa., the company that created the modern LTC insurance market, says Eugene Woznicki will be succeeding Gary Hindes as chairman.

Hindes, who became chairman of Penn Treaty in 2003, is also a managing director at an investment fund, Deltec Asset Management L.L.C., New York, and a Deltec investor has required that Hindes not serve on any public company board or committee, Penn Treaty says.

Hindes helped Penn Treaty use convertible debt securities offerings to eliminate the company’s debt, Penn Treaty notes.

Woznicki, the new chairman, runs a company that helps distribute Penn Treaty LTC insurance.

Woznicki joined the Penn Treaty board in 2005 and has been the chairman of Penn Treaty’s marketing committee and nominating/corporate governance committees.