Penn Treaty terminates acquisition pact .
ALLENTOWN , Pa .
1996-08-27
Penn Treaty American Corp said Tuesday it terminated a previously announced non-binding letter of intent to purchase Merrion Insurance Company Inc , a New York licensed company .
In announcing its decision , Penn Treaty said it " will continue to actively pursue entering into the New York long-term care market through licensing or by acquisition . "
It explained the " addition of a New York license will enable Penn Treaty American Corp to conduct business in all 50 states , following the company 's acquisition of Health Insurance of Vermont , a Vermont domiciled insurer , scheduled to close on August 30 , 1996 . "
-- New York Newsdesk 212-859-1610 .