A pair of small Pennsylvania insurers focused on long-term care could soon become one of the nation’s costliest insurance failures ever, highlighting the widespread problems that have plagued the industry niche for more than a decade.
Two insurance units of Penn Treaty American Corp., which have combined assets of about $600 million and projected long-term-care claims liabilities topping $4 billion, are on track to be liquidated early next year, according to filings in a state court in Harrisburg. Read more here.
Source: Scism, Leslie. “Collapose of long-term care insurer reflects deep industry woes.” The Wall Street Journal. 4 December 2016. http://www.wsj.com/articles/small-insurers-big-collapse-reflects-deep-industry-woes-1480852801.