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The Real Reason behind Genworth and CareScout aquisition

Genworth announced today that they are purchasing CareScout for about $12.5 million. (Read the press release at CNN.) But, why would the largest long-term care insurance provider need a small company like CareScout?

Well, Genworth (formerly GE capital) pioneered long-term care insurance as an industry in 1974, and continues to be a leader. My guess is that by purchasing CareScout, they are gearing up for a spate of claims to come over the next few years, as baby-boomers who purchased plans begin to take advantage of them.

Rather than go out and try to hire all of the needed people to handle the increasing claims volume that Genworth expects from its huge long-term care business, they instead bought the company and solved the problem with a check.

We'll keep an eye on this merger and keep the blog updated.

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