Partnership is planning to launch a medically underwritten immediate needs annuity in the US.
The insurer is planning to launch the product, comparable to Partnership's UK Care Annuity in Q1 2016.
It is launching the annuity partnership with American insurer Genworth, who has written 25% of US in-force LTC policies.
In the US it is estimated that $45 billion is spent annually in the US by individuals self-funding their care costs and fewer than 10% have any form of insurance to meet such costs.
Steve Groves, CEO of Partnership (pictured) said; "I am delighted to announce that the journey we began in 2013 to explore the global application of our leading Intellectual Property has led to this agreement with a market leader for Long Term Care insurance in the US.
"The potential for this product is very significant; the market is huge and customers seeking to protect themselves against the cost of care over a highly variable future lifetime have limited alternative solutions at the point of need. With data collected over the last 20 years in the UK, we are well placed to help fulfil that need and pursue this opportunity and we look forward to working with Genworth."
