Continental General acquires block of long-term care policies

AUSTIN, Texas--(BUSINESS WIRE)--Continental General Insurance Company announced that it signed a definitive agreement to acquire a block of long-term care policies from Elevance Health, Inc.

The acquisition, which will be one of the few successfully consummated LTC transactions in the last decade, comes on the heels of the Company’s recently launched third-party administrator (“TPA”), Continental General Services.

Michael Gorzynski, Executive Chairman of Continental General, commented:

“The acquisition of Elevance Health’s block of LTC policies marks an exciting opportunity for Continental General. It demonstrates our commitment to growth and validates the capability of our platform to provide meaningful, permanent solutions to partners like Elevance Health. Our announcement adds to Continental General’s momentum as we strive to become the acquisition partner and administrator of choice for the long-term care industry.”

The transaction with Elevance Health will allow policyholders to benefit from Continental General’s more than 60 years’ experience administering and managing insurance blocks.

David Ramsey, President and CEO of Continental General, commented:

“Underscored by this transaction, Continental General’s team of seasoned leaders is uniquely well positioned to execute future transactions swiftly, as well as provide policyholders with the comfort and security of a seamless transition to top quality ongoing policy administration. Working alongside Elevance Health, our teams will ensure a seamless transition for all policyholders.”

The acquisition is subject to customary closing conditions and is expected to be completed on April 3, 2023. Financial terms of the transaction have not been disclosed.