CARMEL, Ind., Dec. 29, 2015 /PRNewswire/ -- Senior Health Insurance Company of Pennsylvania (SHIP) today announced that it has executed a reinsurance transaction with Teachers Protective Mutual, a mutual insurance company, for SHIP to reinsure all of Teacher's long-term care business.
Founded in 1912, Teachers Protective Mutual offers a variety of insurance coverage including accident, health, life and disability. The company offered individual long-term care products from 1992-2005 to residents in Ohio, Pennsylvania and Virginia.
As part of the transaction, SHIP will initially provide 100 percent coinsurance of the block of long-term care policies Teachers Protective Mutual holds, and will seek to assume the Teachers policies into SHIP in 2016. The transaction has obtained all required regulatory approvals necessary to proceed.
"SHIP, and its affiliate, Fuzion, are committed to helping transform the long-term care industry into a position of strength through the many programs we have developed to enhance the viability of the business" said Brian Wegner, President and Chief Executive Officer of SHIP and Fuzion. "We are pleased to provide Teachers Protective Mutual, a respected and tenured insurance company, as well as their policyholders, with a solution to stabilize their coverage and welcome them to the SHIP family."
"As a small mutual insurer, Teachers Protective Mutual has struggled with the challenges associated with the Long Term Care business" said Edward Young, President and CEO of TPM. "We are delighted to have partnered with SHIP to provide our policyholders with the financial stability and outstanding service they deserve."
Carmel-based Fuzion, an insurance management organization transforming the long-term care insurance industry, will provide data analytics, innovative programs to support policyholders, and other services on behalf of SHIP to ensure best-in-class policyholder support following the transition.
About Senior Health Insurance Company of Pennsylvania
Senior Health Insurance Company of Pennsylvania (SHIP) is based in Carmel, Indiana, and provides high quality service to meet the long-term care policy commitments of policyholders. SHIP operates without the objective of a profit, which means that customer premiums are applied to all supporting services and claims. SHIP is owned by the Senior Health Care Oversight Trust, an independent trust governed by a highly experienced Board of Trustees. To learn more about SHIP, visit www.shipltc.com.
About Teachers Protective Mutual Life Insurance Company
Teachers Protective Mutual Life Insurance Company (TPM) has been in business since 1912, and is based in Lancaster, Pennsylvania. The Company is a mutual insurer that is operated for the benefit of its policyholders. The Company focuses on the sales and service of accident and health insurance products distributed through a network of independent general agents. To learn more about TPM, visit www.tpmins.com.
SOURCE Senior Health Insurance Company of Pennsylvania