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Penn Treaty May Sell Agency

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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.

The company says it hopes the due diligence and preparation of definitive documentation will be completed in about 45 days.

In addition to United Insurance, Penn Treaty also is the parent of Penn Treaty Network America, Insurance Company, American Network Insurance Company, American Independent Network Insurance Company of New York, Network Insurance Senior Health Division and Senior Financial Consultants Company.