Navigation Links
Insurer Grows with $70 Million Acquisition

ROCHESTER, N.Y., April 14 /PRNewswire/ -- Long-term care insurer MedAmerica announces a $70 million acquisition of the long-term care insurance business of Combined Insurance Company of America, part of the ACE Group of Companies. Combined Insurance is a 90-year-old leading provider of supplemental accident, health and life insurance products. ACE is one of the world's largest providers of commercial property and casualty insurance and reinsurance. Upon completion, the acquired block of 11,000 contracts is expected to generate $12 million in annualized written premium and support the continued growth of MedAmerica's operations. The transaction was effective Dec. 31, 2008.

MedAmerica was selected because of its strong service capacity and exclusive focus on long-term care insurance. "MedAmerica has a strong track record and is viewed as a leader in the long-term care insurance industry," comments Doug Wendt, president and chief executive officer, Combined Insurance. "The MedAmerica brand will serve our former long-term care policyholders well."

"Having a highly rated insurer like ACE select us is a confirmation of MedAmerica's solid position in the LTC marketplace for the last 20 years," comments Bill Naylon, vice president of finance and capital markets at MedAmerica. "ACE recognizes that servicing long-term care insurance requires dedicated operations and specialized risk management expertise."

"Combined Insurance and ACE entrust us with the future of their insureds," says Chadwick Roy, director of capital markets at MedAmerica. "They value the security MedAmerica offers. We're not an insurance supermarket. MedAmerica underwrites, insures and administers one product, and one product only -- long-term care insurance. It's our depth of expertise that is an attractive added value."

MedAmerica maintains a strong market position with its Simplicity cash long-term care insurance policy leading the industry with the highest independent rating for five consecutive years ( MedAmerica Insurance Company (Home Office: Pittsburgh, PA), MedAmerica Insurance Company of Florida (Home Office: Winter Park, FL), and MedAmerica Insurance Company of New York (Home Office: Rochester, NY) are the long-term care insurance subsidiaries of Lifetime Healthcare, Inc., a $5 billion not-for-profit company that finances and delivers health care to more than 2 million people.

SOURCE MedAmerica
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. AT&T Establishes New Network Services for Leading Medical Liability Insurer
2. Commercial Insurers Reimbursement Rate to New Yorks Community Health Centers Jeopardizes Care
3. New Analysis Underscores Legality of Physician Ranking and Public Reporting Systems When Used by Health Insurers to Improve Health Care Quality
4. Draft Rules Wont Stop Insurers Illegal Cancellations of Health Policies
5. Nations Largest Pet Insurer Reveals Top 10 Items Surgically Removed From Pets
6. California Wildfires Could Cost Insurers Over $1.5BN, Says RMS
7. Connecticut Trial Lawyers Ask Doctors to Question Insurers Excess Profits
8. NHCAA Annual Training Conference Bringing Together Law Enforcement, Health Insurers to Fight Health Care Fraud
9. NCPA Study: Government, Insurers Keep Medicine in Stone Age
10. New Long-Term Care Insurer Offers Simplified Insurance Plans in Florida
11. AMA Commends N.Y. Investigation of Health Insurers
Post Your Comments:
(Date:11/27/2015)... ... November 27, 2015 , ... ... most successful and prominent nonprofit healthcare organizations in the country. They have overseen ... various organizations, and helped advance the healthcare industry as a whole through their ...
(Date:11/27/2015)... , ... November 27, 2015 , ... ... center software Q-Suite, announces the incorporation of Asterisk 11 LTS (Long Term Support) ... supported Asterisk 11 LTS brings Q-Suite 5.10 up-to-date with a version of Asterisk ...
(Date:11/26/2015)... ... November 26, 2015 , ... CognisantMD ... for diagnostic imaging in the Waterloo region. Using the Ocean Platform, family physicians ... directly from their electronic medical record (EMR) without the need for redundant patient ...
(Date:11/26/2015)... (PRWEB) , ... November 26, 2015 , ... Jobs in ... by healthcare professionals and offered by healthcare staffing agency Aureus Medical Group . ... the month of October 2015 among those searching for healthcare jobs through the company’s ...
(Date:11/26/2015)... ... November 26, 2015 , ... ... of retro-fused, self-animating trailer titles with ProTrailer: Vintage. This newly styled ProTrailer pack ... trailer titles work with any font, giving users limitless opportunities to stylize and ...
Breaking Medicine News(10 mins):
(Date:11/27/2015)... Nov. 27, 2015  Lannett Company, Inc. (NYSE: ... completed the acquisition of Kremers Urban Pharmaceuticals Inc. ... global biopharmaceuticals company UCB S.A. (Euronext: UCB). ... has acquired KU from UCB for total consideration ... including a customary working capital adjustment, a deduction ...
(Date:11/26/2015)... , Países Bajos, November 26, 2015 ... terapia fotodinámica de Bremachlorin para el cáncer avanzado. ... inmunoterapia con la terapia fotodinámica de Bremachlorin para el ... nuevo enfoque combina la inmunoterapia con la terapia fotodinámica ... Clinical Cancer Research . --> Clinical ...
(Date:11/26/2015)... 2015 --> --> ... to find optimal contrast weighting of MRI for patients ... signed a research agreement with SyntheticMR in order to use ... it is possible to generate multiple contrast images from a ... has left, thus making it possible to both fine tune ...
Breaking Medicine Technology: