Deal Combines Long-Term Care Insurance Distributors
Joseph Pulitano will be the CEO of the new LTC Agency Operations business.
LTC Global Inc. says it has joined with Joseph Pulitano to form a new long-term care insurance distribution operation, LTC Agency Operations LLC.
LTC Agency Operations will absorb ACSIA Partners and LTC Global Agency from LTC Global Inc., and Pulitano’s Advanced Resources Marketing business, LTC Global Inc. says.
(Related: Firm Completes $129.6 Million LTCI Commission Receivables Securitization)
LTC Agency Operations will end up with relationships with about 500 long-term care insurance specialists.
Pulitano, who has been the president of Advanced Resources Marketing, will be the chief executive officer of LTC Agency Operations.
Henrik Larsen, the chief executive officer of Advanced Resources Marketing, will become the chief operating officer at LTC Agency Operations.
LTC Global Inc. has not disclosed the terms of the deal or described the ownership structure. It says it will use its association marketing program and Internet marketing program to generate leads for the new, combined LTCI distribution operation.
Daniel Schmedlen Jr., chief executive officer of LTC Global Inc., said in a statement that both Advanced Resources Marketing and LTC Global Inc.’s ACSIA Partners units have had strong worksite LTCI sales operations.
The LTC Agency Operations arrangement “will provide a steady flow of additional distribution opportunities for all of our LTCI agents,” Schmedlen said.
The Players
LTC Global is a Fort Myers, Florida-based company that has been distributing life insurance, health insurance and LTCI coverage. The company also provides financing for agents through a commission advance program and a renewal commission purchase program.
ARM is a Newton, Massachusetts-based insurance agency that was founded in 1986. The company has focused mainly on selling LTCI at the worksite, and through relationships with associations.
— Read LTC Global Acquires Pacific Southwest Financial, on ThinkAdvisor.
— Connect with ThinkAdvisor Life/Health on Facebook, LinkedIn and Twitter.