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LTCI administrator adds actuarial muscle

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Long Term Care Group Inc. (LTCG), a major long-term care insurance (LTCI) administrator, has acquired an 11-member actuarial team from Towers Watson (NYSE:TW).

LTCG has hired Vince Bodnar, director of Towers Watson’s strategic long-term care (LTC) efforts, to be its chief actuary.

LTCG also hired the 10-person actuarial team that was working under Bodnar at Towers Watson. Towers Watson has agreed to hire LTCG to provide actuarial support for Towers Watson’s LTCI clients.

Bodnar started out as an associate actuary at Union Fidelity Life Insurance Company in 1984. He later worked as an executive at GE Capital. He also has worked as a principal at Milliman, Wakely Actuarial Services Inc. and DaVinci Consulting Group L.L.C.

LTCG says Bodnar has extensive experience in the area of life and LTC combination products, “an emerging and rapidly growing market opportunity for LTCI,” LTCG says.

Bodnar “is also well-versed in premium rate increase filings, long-term care morbidity and mortality experience studies, actuarial appraisals of insurance companies and blocks of business, as well as the development of first-principles long-term care projection models,” the firm says.