Wilton Re has picked Long Term Care Group Inc. (LTCG) to help it administer about 70,000 long-term care insurance (LTCI) it’s taking over from CNO Financial Group Inc.
Wilton Re recently agreed to assume responsibility for a large block of LTCI policies from CNO’s Bankers Life and Casualty Company unit. All of the policies were sold before 2003, and about 8,000 of the policyholders have active claims, according to LTCG.
The block includes some policies that cover only nursing home care, and some that cover both nursing home care and home care.
CNO Financial has agreed to continue to administer the policies in the block during a transition period.
Wilton Re is a Norwalk, Connecticut-based arm of the Canada Pension Plan Investment Board.
LTCG is an Eden Prairie, Minnesota-based company. It was founded in part by alumni from LifePlans. In 2017, it acquired the operations of LifePlans from Munich Re.
Wilton Re says it expects to provide reinsurance for the Bankers Life LTCI block.
Wilton Re expects LTCG to handle policy administration, care management, claims payments, benefit eligibility assessments, actuarial analysis and financial reporting.
— Read LTCI Administrator Adds Actuarial Muscle, on ThinkAdvisor.