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Humana Signs Definitive Agreement to Sell Closed Block of Commercial Long-Term Care Insurance Business

Published Date 11/6/2017
Sale of the stock of KMG America Corporation will also include a capital contribution of approximately $203 million of Humana parent company capital, subject to customary adjustments, in addition to the transfer of approximately $150 million of statutory capital

Humana Inc. (NYSE: HUM) announced today that it has reached a definitive agreement to sell the stock of its wholly-owned subsidiary, KMG America Corporation (KMG), to Continental General Insurance Company (CGIC), a Texas-based insurance company wholly owned by HC2 Holdings, Inc., a diversified holding company (NYSE: HCHC). KMG’s subsidiary, Kanawha Insurance Company (KIC), includes Humana’s closed block of non-strategic commercial long-term care insurance policies that serves approximately 30,100 policyholders. Humana recognizes that the acquisition of this business by a company like CGIC will benefit policyholders because of CGIC’s significant experience with and concentrated focus on the commercial long-term care insurance market. CGIC currently provides long-term care, life and annuity coverage to approximately 93,000 members. ...
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