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MedAmerica Buys LTC Insurer

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Ace Ltd. has found a new home for the long term care insurance business of Combined Insurance Company of America.

MedAmerica Insurance Company, Pittsburgh, a unit of Lifetime Healthcare Inc., Rochester, N.Y., has acquired the Combined LTC business from Ace, Hamilton, Bermuda, for $70 million.

The deal, covering 11,000 contracts, will generate $12 million in annual written premium, according to MedAmerica.