LTCG to Acquire Munich Re's Long-Term Care Insurance Arm

LTCG was founded in the 1980s by Brandeis University faculty members, including two LifePlans alumni, who had an interest in long-term care. Since 2014, the firm has been controlled by StonePoint Capital, a private equity company.

The company recently won a five-year contract to provide support services for the California Public Employees' Retirement System.

LTCG says completing the LifePlans deal will add about 2,000 nurses to its nurse network in North America.

LTCG already offers the Minnesota Cognitive Accuity Screen, and the LifePlans deal will help it another cognitive screening tool, the Enhanced Mental Skills test, the company says.

Telephone screenings of insureds, face-to-face visits and use of the cognitive screening tools can help LTCI issuers understand how much claim risk their blocks of LTCI business face, according to LTCG.

Peter Goldstein, the chief executive officer of LTCG, said in a statement about the LifePlans deal that the deal shows the company is committed to the LTCI industry.

"We are making an investment in the future success of our customers," Goldstein said.

— Read 7 New Peeks at How Long-Term Care Insurance Is Working on ThinkAdvisor.