LTC Seller Pays $12 Million For Shell

By Staff Writer

January 10, 2007 at 12:31 PM

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LifeSecure Insurance Company has completed previously announced plans to acquire Columbia Universal Life Insurance Company.

LifeSecure, Brighton, Mich., is an affiliate of Blue Cross Blue Shield of Michigan, Detroit, that announced plans in October to sell simple LTC insurance policies.

Columbia Universal, Austin, Texas, is a life insurer licensed to do business in 41 states and the District of Columbia. Allstate Corp., Northbrook, Ill., Columbia Universal's old parent company, sold the company to Verde Financial Corp., Phoenix, in 2004.

When LifeSecure announced the Columbia Universal deal in December 2006, the price was not available.

The price was $12 million, LifeSecure says.

LifeSecure hopes to use the acquisition to speed up expansion of its new long term care insurance program, the company says.

LifeSecure also hopes to begin selling other products and to use its broader reach to set up more distribution partnerships with large producer groups, the company says.

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