Humana divests $2.4B long-term insurance business

Humana sold the stock of its commercial long-term care insurance business, KMG American Corp., Aug. 9.

Humana sold the $2.4 billion long-term care health plan to Austin, Texas-based Continental General Insurance. Continental General Insurance is a wholly owned subsidiary of diversified holding company HC2 Holdings.

Under the deal, HC2 Holdings and its subsidiary will take over the policies of about 29,300 members.

Humana announced the deal in November 2017. The health insurer reported a $790 million loss related to the sale in its second quarter earnings statement.

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