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April 06, 2022 at 03:45 PM
What You Need to Know
- LTCG was founded in 1996 as Long Term Care Group.
- A fund affiliated with Stone Point Capital acquired it in 2014.
- Illumifin, the new owner, is controlled by Abry Partners and Hoplon Capital.
Companies have completed a deal that could affect any clients who have long-term care insurance, and especially any clients who are using long-term care benefits to pay for care.
Illumifin — an insurance program administration company based in Greenville, South Carolina — has acquired LTCG.
LTCG is an Eden Prairie, Minnesota-based company that administers policies and benefits for issuers of stand-alone long-term care insurance, and for issuers of life insurance policies and annuities that provide LTC benefits.
The company has contracts with about 100 LTC coverage issuers, including all 10 of the biggest issuers.
LTCG manages about 1.6 million of the 6.4 million LTCI policies and group coverage certificates now in force. Part of its work includes overseeing benefits payments for more than 40,000 of the 285,000 Americans who are using their LTCI policies to pay for care.
LTCG was founded in 1996 as the Long Term Care Group.
