Investment Banking - Penn Treaty
Transactions | Insurance
Client: Penn Treaty
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.