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Penn Treaty American to sell wholly owned subsidiary UIG

Penn Treaty American, a provider of long-term care insurance, has entered into a non-binding letter of intent to sell its wholly owned subsidiary, United Insurance Group Agency at a price above book value.

The company has said that it will not disclose the identity of the purchaser or the terms of the offer until definitive documentation is completed.

The non-binding letter of intent provides for the completion of due diligence and the preparation of definitive documentation within approximately 30-45 days.

According to the company, headquartered in Milford, Michigan, United Insurance Group (UIG) distributes life and health insurance products through captive agency and brokerage operations throughout the US.