NU Online News Service, April 29, 2003, 12:15 p.m. EDT – Penn Treaty American Corp., Allentown, Pa., says its board has named William Hunt, the company's president, to succeed Irving Levit as chief executive officer May 23, at the end of the company's annual meeting.
Gary Hindes, a managing director at Deltec Asset Management L.L.C., New York, will succeed Levit as chairman, Penn Treaty says.
Levit will continue to serve as a Penn Treaty director, and he will the company's "founding chairman." Levit will continue to help develop new products and support sales and marketing efforts, Penn Treaty says.
Levit organized Penn Treaty 32 years ago and led it as it helped create the modern long-term care insurance industry. But his company faced questions from regulators in 2001 about whether its sales were outstripping its supply of capital. The company has been working since then to raise capital and allay the regulators' concerns.
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