A long term care insurer says it has found a possible buyer for a LTC insurance distribution subsidiary.
Penn Treaty American Corp., Allentown, Pa., says has entered into a non-binding letter of intent to sell its United Insurance Group Agency Inc., Milford, Mich., a consortium of LTC insurance agencies, for a “price above book value.”
Penn Treaty “will not disclose the identity of the purchaser or the terms of the offer until definitive documentation is completed,” the company says.