Creates a Leading Insurance Services and Software Provider in the North American Long-Term Care, Life, Health, and Annuity Markets
GREENVILLE, S.C.–(BUSINESS WIRE)–illumifin, a leading third-party insurance administration and technology provider, today announced that it has completed its acquisition of LTCG to create one of the largest insurance service providers in the North American long-term care, life, health, and annuity markets.
LTCG’s proprietary long-term care administration solutions and claims capabilities will be integrated with illumifin’s third-party administration and technology platform. This combination will deliver end-to-end digital capabilities driving value to insurance companies.
“Today marks an important milestone in illumifin’s journey to become the leading insurance services and software provider in our market,” said Phil Ratcliff, chief executive officer of illumifin. “We are excited to drive transformation across the industry through our unique combination of insurance insight, operational excellence, and technology innovation.”
illumifin was founded by Abry Partners, a leading Boston-based private equity firm, and Hoplon Capital, an asset manager focused on digital disruption, after the acquisition of Concentrix Corporation’s insurance third-party administration and software platform.
“We couldn’t be more excited to support the illumifin management team in this journey of market transformation though innovation,” said Brent Stone, Partner at Abry Partners. “We believe this combination is an important step in creating a truly unique and essential company in the marketplace.”
“With the addition of LTCG, illumifin is now positioned to create transformational change in the insurance industry through its market-leading solutions,” said Robert Arsov, partner at Hoplon Capital. “We are proud that Hoplon’s investment is playing a pivotal role in the company’s future.”
illumifin provides third party administration and technology services to individual and group insurers. The company, launched in 2021, blends insurance industry knowledge, technology leadership and operational execution to prepare insurers for the digital future. illumifin is a diverse, passionate and empowered team of insurance specialists committed to the growth and success of its customers. With illumifin, there’s a brighter future. Visit www.illumifin.com.
LTCG is a leading provider of administrative solutions and clinical services to the long-term care and life insurance industry, with over two decades of experience in this space. The company addresses all types of customer needs and policy requirements—from application processing and underwriting of new business to claims and administration of open and closed blocks. LTCG’s advanced data analytics, actuarial and risk management capabilities and unmatched industry expertise can help organizations manage their business and develop emerging products such as hybrid life/long term care policies. In addition, LTCG provides clients with unique insight about risk management built upon the industry’s largest database of long-term care underwriting and claims outcomes. For more information, visit www.LTCG.com.
About Abry Partners
Abry is one of the most experienced and successful sector-focused private equity investment firms in North America. Since its founding in 1989, the firm has completed over $90 billion of leveraged transactions and other private equity or preferred equity placements. Currently, the firm manages over $5 billion of capital across its active funds. For more information on Abry, please visit www.abry.com.
About Hoplon Capital
Hoplon pursues proprietary investments focused on the digital economy that are disruptive in their respective end markets including insurance, financial services, IT and consulting services, healthcare, digital infrastructure and media industries. For more information on Hoplon, please visit www.hoploncapital.com.