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PTAC, of which PTNA is the largest insurance subsidiary, has shown below-average earnings performance, as demonstrated by a pretax GAAP operating loss (which excludes the effect of market gains and losses, but includes interest expense) of $7.
Nelita's involvement marks the beginning of a partnership between MTNA and PTNA of Japan," says MTNA Executive Director Dr.
As announced in October 2008, Penn Treaty American Corporation agreed that PTNA and ANIC would voluntarily enter rehabilitation if the Company was unsuccessful in its efforts to enter into a transaction prior to January 1, 2009, that provided its insurance subsidiaries with adequate capitalization.
The completion of the transaction contemplated by the non-binding letter of intent is not expected to prevent PTNA from entering rehabilitation.
On May 23, 2002, Standard & Poor's stated that it would revise its outlook on PTNA to positive should it receive approval from the California and Florida state insurance departments to underwrite new long-term care insurance in those states.
PTNA is currently licensed to underwrite new long-term care insurance business in 25 states.