LTCG will operate as an independent company with the backing of leading investment firm
EDEN PRAIRIE, MN – June 9, 2014 – 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.”
LTCG is a leading provider of business process outsourcing to the insurance industry, with an emphasis on supporting long-term care products. LTCG serves over 50 insurers, including all of the top ten carriers in the long-term care market. The company offers complete administrative support including application processing, underwriting, policy administration and claims and care management as well as health and functional assessments. In addition, LTCG provides clients with unique insight about risk management built upon the industry’s largest database of long-term care underwriting and claims outcomes. For more information, visit www.ltcg.com.
About Stone Point Capital
Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, CT. The firm has raised and managed six private equity funds – the Trident Funds – with aggregate committed capital of more than $13 billion. In addition to the capital invested by the Trident Funds, Stone Point has secured approximately $7 billion of equity co-investments since 2001. Stone Point targets investments in the global financial services industry, including investments in companies that provide outsourced services to financial institutions, banks and depository institutions, asset management firms, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies and employee benefits and healthcare companies. For further information about Stone Point Capital, see www.stonepoint.com.