LifeCare Assurance Company Background
In January 1980, LifeCare was incorporated in Arizona as a reinsurer (then called ADCO Re). In 1988, current management formed 21st Century Life and Health Company, Inc., a California insurance holding company, which acquired ADCO Re and renamed it LifeCare Assurance Company. In 1989, LifeCare increased its capital and surplus and expanded its license to a Life and Disability Insurer.
LifeCare's primary activities are developing, administering, and reinsuring long term care insurance joint ventures. LifeCare and its reinsurance partners provide long term care reinsurance programs customized to the needs of insurers, both for new business and for closed blocks of inforce business.
LifeCare's executive and administrative operations are located in Woodland Hills, California. LifeCare's operations are highly automated utilizing the latest technology, computer systems and office equipment. Underwriting, policy issue, claims, policyholder service and most other company functions are performed in the Woodland Hills administrative office. LifeCare also has an office in St. Louis, Missouri that conducts telephone interviews of applicants for long term care insurance. Currently, LifeCare staffs over 200 employees and occupies over 60,000 square feet of office space.
LifeCare established its first joint venture partnership with John Alden Life in late 1988. Since that time it has implemented joint ventures with Bankers United Life, Allianz Life, Republic-Vanguard Life, John Alden Life of New York, ALLIED Life, Lincoln Benefit Life, State Life, MassMutual, Berkshire Life, Minnesota Life, and Assurity Life. Total long term care paid premium has grown from $60,000,000 in 1998 to $429,000,000 in 2013.