Dreamscape Industries has acquired LifeSecure Insurance Co. from Blue Cross Blue Shield of Michigan and BCS Financial Corp., a financial services organization that serves Blue Cross and Blue Shield carriers.
Michigan Blue set up LifeSecure in 2006. The New Hudson, Michigan-based company is best known as a company that sells stand-alone long-term care insurance at the worksite.
The company also writes other types of supplemental health benefits.
LifeSecure will continue selling long-term care insurance as well as products such as critical illness insurance and hospital indemnity insurance, according to the deal announcement.
What it means: The LifeSecure deal could be a sign that the apparent new mini LTCI boom could be more than an optical illusion.
For advisors, the real impact could be new opportunities to get clients interested in the idea of planning for long-term care needs.
LifeSecure: LifeSecure reported a $4.1 million net loss for 2024 on $131 million in revenue and $775 million in assets, according to its annual statement.
About $117 million of its revenue came from the sale of long-term care insurance.
Dreamscape: Dreamscape is a privately held investment firm that's owned by Eric Birnbaum, a New York-based real estate developer.
Birnbaum developed the Pod Hotel in New York's Times Square and the Goodtime Hotel in Miami Beach.
LifeSecure leadership: Dreamscape has picked Ross Aron, the former chief executive officer of the National Security Group insurance organization, to be the CEO of LifeSecure.
Aron has a bachelor's degree from Bucknell and a master's degree in business from New York University.
Patrick Prichard, LifeSecure's former CEO, is serving as an executive consultant.
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