LTC Global announced it has relocated its corporate headquarters to Fort Myers, Florida on Tuesday.
The company is a national distributor of insurance and financial products to seniors and provides reverse mortgage through its majority ownership of Next Generation Financial Services. The reverse mortgage lender is a subsidiary of First Mariner Bank.
LTC Global isn’t new to Fort Myers, the company established an office there in 2005 when it acquired Kanawha Insurance Company’s Long Term Care insurance marketing division.
“Fort Myers has a business-friendly environment and offers us the opportunity to grow our business lines cost effectively,” said Thomas A. Skiff, Chief Executive Officer at LTC Global.
What exactly LTC Global is going to end up doing with NGFS isn’t clear. The company’s website is under construction and volume has been sliding through 2010. LTC Global purchased approximately 6.7% of First Mariner stock earlier this year, but told employees it “acquired the shares for investment purposes only and has no intention to control the bank or influence the bank’s management.”
NGFS is the 19th largest reverse mortgage lender in 2010 according to data from ReverseBase.
