LTCG, a specialist in business process outsourcing for long-term care insurance, has been acquired by Stone Point Capital, a private equity firm focused on investing in the global financial services industry.
This acquisition furthers Stone Point’s strategy of backing companies in the insurance and insurance services sectors.
Originally founded in 1996 as the Long Term Care Group, LTCG is the largest provider of outsourcing and claims management to long-term care insurers in the US. In addition, LTCG provides clients with advanced risk management insight built upon its proprietary long-term care underwriting and claims databases.
“We are very excited to enter into this partnership with Stone Point Capital,” says Peter Goldstein, co-founder and CEO of LTCG. “They share our vision and see the tremendous opportunity we have to help insurers manage their complex long-term care portfolios.”
LTCG administers over 1.4 million policies, representing nearly 20 per cent of all private long-term care insurance. In addition, the company manages over 40,000 active claims, paying more than USD1.2 billion in benefits during 2013.
Chuck Davis, CEO of Stone Point Capital, says: “We have known the LTCG business and management team for many years and are delighted to be partnering with them. The company is a leader in servicing the long-term care insurance market and is well positioned to grow as it develops new ways to add value to its customers.”
