Hannover Life Re expands partnership with LTCG

Hannover Life Reassurance Company of America has expanded its strategic partnership with LTCG, which was formerly the long term care insurance administration services division of Univita Health.

Together, Hannover Re America and LTCG will provide life insurers with a risk management solution for long term care insurance (LTCI) hybrid products, which includes both product design and pricing assistance, underwriting and risk management services, claims processing and reinsurance.

“Together our two organisations assist direct insurers with every aspect related to LTCI hybrid products from product development to implementation,” said Peter Schaefer, president and chief executive officer (CEO) of Hannover Re America. “This partnership leverages the mortality and morbidity expertise of both organisations.”

Peter Goldstein, CEO of LTCG, said: “Hybrid policies are hot right now and have become increasingly popular for insurers looking to expand their market and deliver a high value alternative to costly stand-alone LTCI. The hybrid structure combines a long term care benefit with life insurance or an annuity, providing the insured a real value if their LTC benefit is not utilised and effectively addressing the number one objection to buying a stand-alone LTC policy.”