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.”
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