Editor’s Note: This story has been updated to clarify LTCG will buy LifePlan’s assets from Munich American Reassurance Company.
LTCG, a company that specializes in business processing outsourcing for long-term care insurance, announced this week that it will buy LifePlans Inc., a risk management company for insurers. The acquisition will include the Canadian division of LifePlans LTC Services Inc.
LTCG also said it would buy LifePlans’ long term care and related risk management services and assets from Munich American Reassurance Company. Munich Re, U.S. (Life) will retain LifePlans’ healthcare services business and operate under the name LP Health Services LLC, the companies said.
“Munich Re is proud to have been part of LifePlans’ evolution as an organization, and we are confident that its long-standing reputation as a high quality risk management provider will endure,” said Michael DeKoning, President and CEO of Munich Re, U.S. (Life). “We are committed to a seamless transition for LifePlans’ employees, customers and business partners, and given LTCG’s reputation in the industry, we are confident that we are leaving this business in good hands.”
LTCG manages more than a million policies and serves more than 50 carriers.
“This acquisition showcases LTCG’s willingness to remain committed to the long-term care industry,” said Peter Goldstein, CEO of LTCG. “By integrating LifePlans’ highly knowledgeable people, innovative programs and market expertise into our own solutions, we are making an investment in the future success of our customers.”