Investment Banking - Penn Treaty

Transactions | Insurance

Client: Penn Treaty
Industry: Insurance
Transaction Type: Mergers & Acquisitions
Role: Financial Advisor

Penn Treaty has Sold its Operating Platform

  • Penn Treaty Network America Insurance Company (“PTNA”) wrote long-term care insurance from 1984 – 2008.
  • PTNA was placed in liquidation in 2017 upon recommendation of the Pennsylvania Insurance Department.
  • PTNA engaged Boenning to sell its operating platform with the goals to:
     – Maximize value for the assets including the systems and related P, P & E
     – Maximize employment opportunities for the Company’s highly skilled LTC team
  • PTNA successfully consummated a transaction with TriPlus Services, Inc., a TPA focused on long-term care policy administration.
  • The transaction achieved the goals of generating financial compensation and maintaining employment for the majority of PTNA employees.
  • Boenning & Scattergood, Inc. served as financial advisor to Penn Treaty Network America Insurance Co., in liquidation.