“Humana completes sale of long-term care insurance policy business KMG, at a loss of $790 million,” by Susan Morse, Healthcare Finance

“Humana has completed the sale of its wholly-owned subsidiary KMG America Corporation, in a transaction first announced in November 2017. Humana has owned KMG since 2007. KMG subsidiary, Kanawha Insurance Company, offers commercial, long-term care insurance policies and currently serves an estimated 29,300 policyholders. Humana sold its shares in KMG for a reported $2.4 billion to HC2 Holdings, which includes Continental General Insurance Company, based in Texas. In its second quarter earnings statement, Humana reported a $790 million loss on the sale of KMG, which is expected to close during the third quarter.  Humana said it would no longer have plans in the commercial long-term care insurance business.”

LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):

Another exit; another entry.

Humana completes sale of long-term care insurance policy business KMG, at a loss of $790 million

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