Insurer Casts Off Long-Term-Care Policies

From The Wall Street Journal:

A major insurer has dumped a chunk of its long-term-care policies
into an independent trust, putting tens of thousands of policyholders
at risk of reduced benefits or big premium increases.

Conseco
Inc. officials have said the transfer of many of the insurers'
long-term care policies to a new state-supervised nonprofit trust,
Senior Health Insurance Co. of Pennsylvania, allows it to concentrate
on its core businesses. The policies were a drag on the company's
earnings because they were underpriced and required continuing capital
infusions to meet the long-term needs of policyholders.

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