Lifetime Healthcare Companies Inc. has decided to keep Bill Naylon at the helm of its MedAmerica Companies long-term care insurance (LTCI) unit.
Naylon — who was been with Lifetime since 1988 — took over as acting president of MedAmerica in December, after the previous president, Bill Jones retired. Lifetime is the parent of Excellus BlueCross BlueShield, a large health insurer in upstate New York state.
MedAmerica Insurance Company and its affiliates – MedAmerica Insurance Company of New York and MedAmerica Insurance Company of Florida — have become major sellers of LTCI coverage. They ranked fifth on LIMRA’s latest list of the top U.S. LTCI issuers.
Low interest rates have challenged MedAmerica, Naylon said. ”I am confident that we have a viable long-term strategy to continue providing insurance for the devastating costs associated with chronic illnesses,” he said.
Chris Booth, the chief executive officer of Lifetime, said that Naylon understands Lifetime’s expectations for MedAmerica. Naylon “has already taken meaningful actions to position MedAmerica for long-term sustainability,” Booth said.