Abry Partners and Hoplon Capital-backed illumifin, has agreed 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. No financial terms were disclosed.
GREENVILLE, S.C., February 24, 2022 – illumifin, a leading insurance third-party administration and software provider, today announced it has signed a definitive agreement to acquire LTCG, a leading 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.
The strategic 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. 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 well 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 the other products currently supported.
illumifin’s CEO Phil Ratcliff said, “The integration of illumifin and LTCG will deliver superior value to customers through our deep insurance knowledge, technology innovation and operational excellence. The combined company will be a true market innovator with unparalleled depth and capabilities to assist insurers as they continue their digital transformations.”
“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,” said Peter Goldstein, LTCG’s CEO.
illumifin was formed in July 2021 by Abry Partners and Hoplon Capital to be an innovative partner to the insurance industry, delivering visionary technology enabled services and software solutions, to individual and group insurers.
“We couldn’t be more excited about this acquisition, which is in keeping with ABRY’s long standing insurance services thesis of partnering with world class companies and management teams to provide high touch service to their customers. illumifin will now have a truly unique set of capabilities in the marketplace, and we look forward to supporting the management teams as they continue to build and grow the platform,” said Brent Stone, Partner at Abry Partners.
Commenting for Hoplon Capital, Robert Arsov, Partner, said, “The combination of illumifin and LTCG brings together not just two outstanding businesses but two of the most respected executives in the industry. We are thrilled to continue to invest in this enhanced platform and empower Phil and Peter to deliver differentiated and innovative solutions to the insurance industry.”
illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. With illumifin, there’s a brighter future. Visit www.illumifin.com.