Medical Mutual on Jan. 29 unveiled a deal to acquire Toledo, Ohio-based insurer Paramount Health. Paramount is a subsidiary of ProMedica, a system of 11 hospitals that serves Ohio and Michigan. “As ProMedica has further sharpened its focus on core health system operations, we embarked on a thoughtful process to transition ownership of our Paramount health insurance business,” ProMedica CEO Arturo Polizzi said in a statement. “We were hopeful we could identify a potential new owner with a similar mission and commitment to community, and we found those qualities in Medical Mutual.” Paramount currently serves 72,303 health plan members in Ohio, with an additional 3,020 members in Michigan. Medical Mutual, meanwhile, is the fourth-largest insurer in the state, with 1,010,088 members. Financial terms of the deal, which is expected to close in the second quarter of 2024, were not disclosed.
Source: AIS’s Directory of Health Plans