Hopkinton, MA. – (October 2019) – TriPlus Services, Inc. (TriPlus), a Third Party Administrator (TPA) specializing in the long term care line of business, announces the award by the National Organization of Life & Health Insurance Guaranty Associations (NOLHGA) and LTC Reinsurance PCC (LTC Re) of the contract to administer the Penn Treaty Network America Insurance Company (PTNA) and American Network Insurance Company (ANIC) policies protected by 48 state life and health insurance guaranty associations.
In conjunction with this servicing agreement, TriPlus Services, Inc. reached agreement with the PTNA estate to acquire certain assets to ensure a smooth service transition. More than 100 employees will become immediate TriPlus associates, with an additional group to follow on January 1, 2020 thus offering continuous employment to most of the current workforce. All employees will remain in their current Allentown facility.
The arrangement includes accounting services and all functions related to policyholder and claims services. “We are honored that NOLHGA and LTC Re selected us to administer this business on behalf of the Guaranty Associations,” said TriPlus C.E.O. Peter Paul Lucas. “This contract is a significant milestone in our growth and a reflection of our commitment to the long term care market and represents the culmination of a collaborative effort by NOLHGA, LTC Re and TriPlus. We look forward to providing the PTNA and ANIC policyholders the best service experience, and we welcome our new associates to TriPlus.”
TriPlus began servicing these blocks on October 1, 2019.
Peter Gallanis, President of NOLHGA, which coordinates the life and health insurance state guaranty associations’ activities in the PTNA and ANIC insolvencies, noted, “TriPlus brings its extensive experience and expertise managing complex LTC businesses and its track record of successful implementations to this important venture. We have spent considerable time preparing for this service transition to ensure that we will fully honor the statutory commitments of our member guaranty associations.”
Eric Rangen, President of LTC Re, which jointly managed the selection process with NOLHGA, added, “It was critical to us that the chosen TPA have the skills and resources to support the PTNA and ANIC policyholders, and the technology and platform to ensure they receive uninterrupted, efficient service. Having thoroughly reviewed the LTC administrative market, we are confident that TriPlus is the right choice.”
About TriPlus Services, Inc.
TriPlus is a provider of full-service insurance management solutions with a focus on the Long Term Care market. Headquartered in Hopkinton, MA, and with operations at locations throughout the United States, TriPlus provides comprehensive administration support and targeted services in: policyholder administration, claim management/payment and actuarial services including end-to-end rate increase support.
About NOLHGA/State Guaranty Associations
The National Organization of Life & Health Insurance Guaranty Associations (NOLHGA) is a voluntary association made up of the life and health insurance guaranty associations of the 50 states and the District of Columbia. State guaranty associations provide coverage (up to the limits set forth in state law) for resident policyholders of insurers that have become insolvent and are licensed to do business in their states. NOLHGA assists its member associations in quickly and cost-effectively providing coverage to policyholders in the event of a multi-state life or health insurer insolvency. http://www.nolhga.com/.
About LTC Re
LTC Re is a protected cell captive insurance company organized under the laws of the District of Columbia. LTC Re was formed by NOLHGA on behalf of the life and health insurance guaranty associations that elected to participate in a reinsurance agreement with one or both of the Protected Cells of LTC Re, in accordance with NOLHGA’s participation procedures, to serve as the vehicle to coordinate the efficient and effective discharge of the statutory obligations of such guaranty associations.