LTCG, the recognized leader in business process outsourcing for long-term care insurance, has been acquired by Stone Point Capital, a leading private equity firm focused on investing in the global financial services industry. This acquisition furthers Stone Point's strategy of backing innovative companies in the insurance and insurance services sectors.
Originally founded in 1996 as the Long Term Care Group, LTCG is the largest provider of comprehensive outsourcing and claims management to long-term care insurers. 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," said 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% of all private long-term care insurance. In addition, the company manages over 40,000 active claims, paying more than $1.2 billion in benefits during 2013. Its management team, which has been in place for over a decade, includes some of the most recognized and respected leaders in the long-term care industry.
Chuck Davis, CEO of Stone Point Capital, said, "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."