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.
The transaction was effective Dec. 31, 2008.
Combined offers supplemental accident, health and life insurance products. Ace acquired Combined from Aon Corp., Chicago, in 2007.