American General Life a subsidiary of American International Group (aka AIG) announced it will stop accepting applications for new business on it's Long Term Care Insurance product on August 1st 2012.
This move really isn't a huge surprise. The company has never really been a big LTCi player. In fact, data from Genworth placed their total LTCi policies at a meager 69 back in 2010.
They did state that they will continue to accept applications for and issue new business for their critical illness insurance, and this of course in no effects their life insurance and annuity offerings.
American General's move does, however, mark yet one more company (albeit a small one) to exit the LTCi market.