The President’s Message
2017 started out as a good year for our Company. We began to see our finances stabilize as a result of the large reinsurance transaction we entered into in 2016 and were getting adjusted to being a smaller company with the hope of being in more control of our own destiny. However, the loss of our AM Best rating, caused by our parent company falling behind in completing its annual audits, was a major blow. We had made strides and were beginning to experience an increase in sales activity which was reversed when we lost the rating. We know how important the rating is to you and your clients and we are doing everything we can to gain back the security of being rated.
We expect that 2018 will be a year of transition as we continue to enhance new ways to serve you and your clients better. Examples of these are the use of e-applications and new cutting edge products such as SecureHorizons, our next generation short term care product available in the states of Georgia, Illinois, Louisiana, Missouri, Nebraska, Oklahoma, Pennsylvania, and Texas. We continue to believe that the LTCi industry will heal and grow over time and we plan to be here for you and your clients.
While many experts agree that current LTCi policies are priced properly, their relatively high cost and the negative public sentiment caused by rate increases seems to have reduced the size of the market. In spite of this, we see the downward trend in the LTC field as being temporary. However, it is not possible to know when this trend will be reversed. Clearly the need for commercial LTCi products from the private sector is as strong as ever.
As always, we want to thank you for working with us. We know it’s tough out there. We continue to try to make it easier for you. Rest assured we greatly appreciate your business!
Best Wishes for a Happy, Healthy, Productive and Successful New Year,
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Bill Neugroschel |
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