Penn Treaty
Penn Treaty (American Independent Network Insurance Company) was a New York-domiciled long-term care insurer that halted new sales in October 2008 and operated as a run-off carrier for legacy policyholders. The company was placed in rehabilitation in 2023, liquidation in September 2023, and dissolved by court order effective July 24, 2024.
- Company typePrivate
- Founded-
- HeadquartersAllentown, United States
- Headcount51–100
- GTM typeB2C
- OfferingServices
What Penn Treaty does
American Independent Network Insurance Company, doing business as Penn Treaty, was a New York-incorporated long-term care insurance carrier that sold individual LTC policies covering home health care and facility-based care services. The company's core technology was a proprietary long-term care insurance policy administration and claims processing system, with claims execution handled by third-party administrator Davies Life & Health, Inc. Policyholders could choose from annual, semi-annual, quarterly, monthly, or automatic bank-withdrawal premium payment modes, generating a recurring subscription-like revenue stream from a closed book of business.
Penn Treaty discontinued new sales in October 2008 and operated as a run-off insurance company for the next sixteen years, with no active distribution, marketing, or product development. The New York State Department of Financial Services, through Superintendent Harris, petitioned in February 2023 to place the company in rehabilitation; a rehabilitation order was issued in March 2023, followed by an Order of Liquidation in September 2023. The Supreme Court of the State of New York subsequently issued a closing order terminating the liquidation and dissolving AINIC effective July 24, 2024. At the time of dissolution, the firm reported 51-100 employees with operations support and mailing infrastructure based in Allentown, Pennsylvania.
Penn Treaty firmographics
Firmographics- Name
- Penn Treaty
- Legal name
- American Independent Network Insurance Company, In Receivership
- Website
- https://penntreaty.com
- Company type
- Private
- Operating status
- Closed
- Headcount range
- 51–100 employees
- Short description
- Penn Treaty (American Independent Network Insurance Company) was a New York-domiciled long-term care insurer that halted new sales in October 2008 and operated as a run-off carrier for legacy policyholders. The company was placed in rehabilitation in 2023, liquidation in September 2023, and dissolved by court order effective July 24, 2024.
- Ownership category
- akta.pro rank
Penn Treaty industry classification
Industry- Product category
- Long-term care insurance
- NAICS
- Insurance Carriers and Related Activities (524)
- SIC
- Hospital & Medical Service Plans (6324)
- akta.pro primary industry
- Annuity + LTC / Long-Term Care Riders (FSAIAJAC)
Keywords
Where Penn Treaty is headquartered
LocationHeadquarters
- HQ city
- Allentown
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Penn Treaty business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Others
Revenue model
- Long-term Care Insurance Premiums: The company collected premiums from policyholders for long-term care insurance coverage. Sales were discontinued in October 2008. The company is now in liquidation and only manages existing policies for premium collection and claims processing.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Premium payment options for existing policyholders |
Distribution channels2 records
Marketing channels1 record
Penn Treaty product offering
Product offeringCore offering
Penn Treaty (American Independent Network Insurance Company, In Receivership) is a long-term care insurance company that historically issued LTC insurance policies covering home health care and facility-based care services. The company discontinued new sales in October 2008 and transitioned to run-off operations, servicing existing policyholders through claims processing, premium collection, policy cancellations, and death notifications. The company entered rehabilitation in March 2023, liquidation in September 2023, and was officially dissolved effective July 24, 2024.
Product overview
Penn Treaty operates as a long-term care insurance company currently in receivership and liquidation proceedings. The company discontinued sales in October 2008 and provides policyholder services through its website. The core offering consists of long-term care insurance policies that cover home health care and facility-based care services. Related services include claims processing for home health care and facility claims, premium payment options through automatic bank draft, and policy cancellation services. The company transitioned from active sales to run-off operations following regulatory action, with liquidation effective July 24, 2024.
Differentiator
Problem solved
Functional benefit
Products and services
- Long-Term Care Insurance Policies Insurance coverage providing benefits for long-term care services, including assistance with bathing, dressing, transferring, and bathroom assistance. Some policies also cover meal preparation, light housekeeping, laundry, grocery shopping, and transportation to medical appointments. Sold to individual consumers; sales discontinued October 2008.
- Home Health Care Claims Claims process for policyholders receiving care in their own homes, involving a claim examiner, nurse case manager, eligibility review, and regular billing submissions. Available to existing long-term care policyholders.
- Facility Claims Claims process for policyholders receiving care at facility-based settings, requiring an information packet with instructions and required forms. Available to existing long-term care policyholders.
- Automatic Bank Draft Automatic monthly withdrawal of premium payments from policyholder bank accounts, available monthly, quarterly, semi-annually, or annually. Available to existing long-term care policyholders.
- Policy Cancellation Written request process for policyholders or their legal representatives to cancel insurance coverage, including unearned premium refunds and death notifications. Available to existing long-term care policyholders.
Quantifiable outcome
- 97% of all claim payments processed within 15 days of receipt of all completed information
Companies that use Penn Treaty
Customer profileSegments1 record
Ideal customer profiles1 record
Penn Treaty technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Penn Treaty partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Davies Life & Health, Inc.coreDavies Life & Health, Inc. serves as the third-party administrator handling claims processing for American Independent Network Insurance Company. They process 97% of all claim payments within 15 days, manage billing forms, and handle provider eligibility determinations. Contact: PO Box 7066, Allentown, PA 18105-7066, Phone: 1-800-362-0700, Fax: 610-965-6962.
Scale indicators1 record
Recent moves5 records
Penn Treaty competitors and assessment
Company assessmentDirect peers
- Genworth Financial: Genworth is the largest pure-play U.S. long-term care insurance carrier, with a substantial in-force LTC block subject to many of the same morbidity, lapse, and rate-increase dynamics that affected Penn Treaty's run-off business.
- Mutual of Omaha: Mutual of Omaha is a long-standing writer of individual long-term care insurance policies, directly comparable to AINIC's LTC product offering and policyholder base.
- Unum Group: Unum is a major provider of long-term care and disability insurance in the U.S., with a meaningful closed-block LTC portfolio that has required significant reserve strengthening comparable to Penn Treaty's experience.
- Bankers Life: Bankers Life specializes in supplemental health and long-term care insurance for middle-income Americans, with a focused individual LTC product line directly comparable to Penn Treaty's pre-2008 offerings.
Broad incumbents
- Transamerica: Transamerica provides long-term care insurance products within its broader life insurance and retirement portfolio, with significant individual LTC policy in-force comparable to AINIC's.
- Northwestern Mutual: Northwestern Mutual is a major mutual life insurer selling long-term care insurance and LTC riders to its broad individual customer base, comparable in product category to AINIC.
- MassMutual: MassMutual is a large mutual life insurer offering long-term care insurance and hybrid life/LTC policies, providing similar individual LTC solutions to Penn Treaty's historic product set.
- State Farm: State Farm has historically offered long-term care insurance as part of its broad personal lines portfolio, serving individual policyholders in the same LTC market as Penn Treaty.
- John Hancock: John Hancock offers long-term care insurance as part of its broader life and retirement product suite, targeting the same individual policyholder segment as Penn Treaty's LTC policies.
- New York Life: New York Life is a large mutual life insurer offering long-term care insurance and LTC riders on life policies, headquartered in New York and serving overlapping individual policyholder segments to AINIC.
Market position
Weaknesses3 records
Competitive moat3 records
Key risks4 records
Key highlights4 records
Customer concentration
Penn Treaty financial estimates
Financial estimateRevenue estimate
Valuation estimate
Penn Treaty leadership team
Management profileNumber of profiles
Penn Treaty funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Penn Treaty M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Penn Treaty
What does Penn Treaty do?
Penn Treaty (American Independent Network Insurance Company, In Receivership) is a long-term care insurance company that historically issued LTC insurance policies covering home health care and facility-based care services. The company discontinued new sales in October 2008 and transitioned to run-off operations, servicing existing policyholders through claims processing, premium collection, policy cancellations, and death notifications. The company entered rehabilitation in March 2023, liquidation in September 2023, and was officially dissolved effective July 24, 2024.
Is Penn Treaty a public or private company?
Penn Treaty is a private company. It is classified as unknown and is currently closed.
When was Penn Treaty founded?
Penn Treaty was founded in -1. It employs 51 to 100 people.
Where is Penn Treaty based?
Penn Treaty is headquartered in Allentown, United States, in the North America region.
How does Penn Treaty make money?
One revenue line is on record: long-term Care Insurance Premiums.
Who are Penn Treaty's main competitors?
Direct peers on record are Genworth Financial, Mutual of Omaha, Unum Group and Bankers Life. Broad incumbents are Transamerica, Northwestern Mutual, MassMutual, State Farm, John Hancock and New York Life.
Does Penn Treaty have an API?
No public API is recorded for Penn Treaty.
What industry is Penn Treaty in?
Penn Treaty's product category is Long-term care insurance. Its primary akta.pro industry code is FSAIAJAC, Annuity + LTC / Long-Term Care Riders. Its NAICS code is 524 and its SIC code is 6324.