Humana Inc. is paying a unit of HC2 Holdings Inc. $203 million to provide a good home for its stand-alone long-term care insurance business.

Continental General Insurance Company, an insurance company subsidiary of HC2, is paying Humana $10,000 to acquire the stock of Humana's KMG America Corp. subsidiary.

KMG America is the parent of Kanawha Insurance Company, a company that is providing stand-alone long-term care insurance for about 31,000 people. Humana has been running the Kanawha LTCI business as a "closed block" business, meaning that it continues to administer existing policies but does not sell new LTCI policies.

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Allison Bell

Allison Bell, ThinkAdvisor's insurance editor, previously was LifeHealthPro's health insurance editor. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached at [email protected] or on Twitter at @Think_Allison.