Maxiphoto / iStock
LTCG, a business processing outsourcing firm for long-term care insurance, is to acquire LifePlans, a national provider of risk management solutions for insurers, and its Canadian division LifePlans LTC Services.
The agreement covers the purchase of LifePlans’ long term care and related risk management services and assets from Munich American Reassurance Company (Munich Re, US (Life)). Munich Re, US (Life) will retain LifePlans’ healthcare services business and operate under the name LP Health Services.
This strategic acquisition positions LTCG as a major player in underwriting and claims, and expands its North American nurse network with the addition of more than 2,000 clinicians. These nurses perform face-to-face and telephone screenings in order to collect insight about an applicant’s risk factors or an existing policyholder’s eligibility for benefits. This information helps insurers make informed decisions that lead to better risk management.
LifePlans also offers an evidence-based cognitive screening tool, the Enhanced Mental Skills Test (EMST), which will complement LTCG’s own Minnesota Cognitive Acuity Screen (MCAS), bringing together the two most powerful cognitive screening tools in the industry.
“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.”
Michael DeKoning, president and CEO of Munich Re, U.S. (Life), added: “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.
“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. Further, we believe our healthcare services business, LP Health Services, is well positioned to remain a leader in providing healthcare assessment services and to continue providing superior services to its healthcare customers.”
LTCG, Long Term Care Group, Munich Re, Peter Goldstein, Michael DeKoning, US