Hancock, MetLife to underwrite federal long-term-care policies. (Life/Health).John Hancock Life Insurance Co. and MetLife Inc. have been chosen by the Office of Personnel Management to underwrite To insure; to sell an issue of stocks and bonds or to guarantee the purchase of unsold stocks and bonds after a public issue. The word underwrite has two meanings. and manage the federal long-term-care insurance program as equal partners. The program, available to most federal employees and their families, will be the largest employer-sponsored long-term-care insurance program in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , the companies said in statements. It will be serviced by LTC LTC abbr. lieutenant colonel Partners, a new joint-venture company created by John Hancock and MetLife which will be based in Portsmouth, N.H. The program was created through the federal Long-Term Care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. Security Act of 2000, with coverage being offered on a voluntary basis to federal employees and paid for by the covered employees and their families, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. information from the Office of Personnel Management. Analysts at Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. do not expect any financial impact from this plan during 2002, since the contract officially begins Oct. 1. First-year premiums are estimated at $150 million a year for the partnership, Caitlin Long, analyst for Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. , said in a statement. She estimates earnings resulting from this partnership will be pennies a share, at most, for both companies in 2003, but she expects that amount will grow, she said. The government picked the joint proposal submitted by MetLife and John Hancock because the companies have the resources and experience to provide this protection, and each has name recognition that inspires trust with the public, the Office of Personnel Management said in a statement. An early-enrollment opportunity for the program was scheduled with enrollment possible as early as March, due to significant interest and comments from individuals who are familiar with long-term-care insurance coverage. The complete premium schedules and benefit options for the program will be announced after John Hancock and MetLife conduct final market research with members of the groups eligible to enroll, and have additional discussions with the Office of Personnel Management, the office said. Under terms of the contract MetLife and John Hancock will conduct an extensive educational campaign to assure that the eligible populations are in a position to make informed decisions about long-term-care insurance. |
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