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January 06, 2016 at 09:04 AM
A nonprofit long-term care insurance (LTCI) company is reinsuring a closed block of LTCI policies written by Teachers Protective Mutual Life Insurance Company.
Senior Health Insurance Company of Pennsylvania (SHIP), a unit of the Senior Health Care Oversight Trust, said it has agreed to start by providing 100 percent coinsurance for the Teachers Protective LTCI business.
SHIP said it will seek to assume the block into own its business.
“The transaction has obtained all required regulatory approvals necessary to proceed,” SHIP said.
SHIP and the trust that controls it were formed to oversee blocks of LTCI business written by subsidiaries of the company that later became CNO Financial Group Inc. (NYSE:CNO)
Teachers Protective is a policyholder-owned insurer founded in 1912. It sold the policies in the LTCI block SHIP is reinsuring from 1992 through 2005 in Ohio, Pennsylvania and Virginia.
