ROCHESTER, N.Y., May 31 /PRNewswire/ -- MedAmerica Insurance Company announces the acquisition of books of long term care business of Premera Blue Cross, Premera Blue Cross Blue Shield of Alaska and Trigon Blue Cross Blue Shield. MedAmerica recently became the reinsurer and will become the administrator of the acquired business effective June 1.
MedAmerica's acquisition of 3,000 long term care insurance contracts will provide $4.8 million in annual premium revenue and $525,000 in administrative fees. MedAmerica administers business for more than 40 other carriers' long term care business and is recognized as a leading third party administrator in the long term care industry.
The acquisition follows MedAmerica's strong financial performance last year with a reported 17.4% increase in assets and 15.3% growth in premium revenue.
"We feel that our strong financial position and excellent service capacity make us well positioned to service our customers now and well into the future," comments Bill Naylon, MedAmerica vice president of finance and capital markets.
MedAmerica Insurance Company (Home Office: Pittsburgh, PA) and MedAmerica Insurance Company of New York (Home Office: Rochester, NY) are the long term care insurance subsidiaries of The Lifetime Healthcare Companies, New York State's largest nonprofit health insurer that finances and delivers health care services across Upstate New York and finance long term care across the country. MedAmerica is a leading long term care insurer of employer groups, including several states, and has a distribution network of more than 15,000 agents nationally.
MedAmericaCONTACT: Deanna DeFrank, +1-585-238-4619, ordeanna.defrank@medamericaltc.com
Web site: http://www.yourlongtermcare.com/