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Transamerica transferring administration of LTC biz to LTCG

Transamerica Corp. has entered into an agreement with third-party administrator LTCG Holdings Corp. to transfer the administration and claims management of its long-term care insurance business line.

Transamerica said the transaction will allow it to speed up the enhancement of its digital capabilities and modernize its LTC insurance platform.

Under the contract, LTCG will provide third-party administration services for Transamerica's LTC insurance product line, including new business, policyholder services, claims processing and care management. Services are likely to start in the third quarter.

For its part, Transamerica will continue to administer and service its other insurance, investment and retirement services on existing platforms.

Approximately 200 Transamerica employees will be offered positions by LTCG.