A long-term care insurer bought the long-term care insurance business of Combined Insurance Co. of America.

MedAmerica is paying $70 million for the block of 11,000 contracts from Combined Insurance, which is part of the ACE Group of Companies. Combined Insurance is a 90-year-old company, providing supplemental accident, health and life insurance products. The acquisition, which took effect Dec. 31, was announced April 14.

MedAmerica expects to generate $12 million in annualized written premium from the block of business, it said.

“MedAmerica has a strong track record and is viewed as a leader in the long-term care insurance industry,” said Doug Wendt, president and chief executive officer of Combined Insurance, in a statement.

MedAmerica Insurance Co., based in Pittsburgh, Pa.; MedAmerica Insurance Company of Florida, based in Winter Park, Fla.; and MedAmerica Insurance Company of New York, based in Rochester, N.Y. are the long-term care insurance subsidiaries of Lifetime Healthcare Inc., a $5 billion not-for-profit company that finances and delivers health care to more than 2 million people.