Illumifin, a Greenville-headquartered insurance third-party administration and software provider, has signed an agreement to acquire LTCG, a provider of administrative solutions and clinical services to the long-term care insurance industry. The transaction is expected to close within the next 60 days, according to a news release.
The acquisition will make Illumifin one of the largest insurance third-party administrators in the country with leading capability in underwriting, policy administration, health risk assessments and claims management, according to the news release. By combining Illumifin’s third party administration and technology solutions with LTCG’s proprietary long-term care administration platform and claims capabilities, the company will be positioned to advance digital capabilities across the market and provide end-to-end administration of next generation hybrid long-term care policies in addition to all other products currently supported.
“The integration of illumifin and LTCG will deliver superior value to customers through our deep insurance knowledge, technology innovation and operational excellence,” Illumifin’s CEO Phil Ratcliff said in the release. “The combined company will be a true market innovator with unparalleled depth and capabilities to assist insurers as they continue their digital transformations.”
Illumifin was formed in July 2021 by Abry Partners and Hoplon Capital to be a partner to the insurance industry, delivering technology-enabled services and software solutions, to individual and group insurers. Greenville will be home to both entities, according to a company spokesperson.
“Given our 25-year history as the leading partner for long-term care insurers and our deep customer relationships, the integrated company will allow us to build more strategic partnerships with our clients and help them enhance the customer experience for both policyholders and distributors,” LTCG CEO Peter Goldstein said in the release.