Medical Mutual announced on January 29 that it entered into an agreement to acquire Paramount Health Care from ProMedica.
Paramount Health Care is a health insurance company located in Ohio. Established in 1988, Paramount offers insurance products to individuals and employers across six Midwest states and serves more than 77,000 health plan members and 308,000 dental plan members.
Medical Mutual is one of the largest health insurance companies in Ohio, serving more than 1.6 million members with group and personal health insurance plans, and third-party administrative services to self-insured group customers.
ProMedica is a not-for-profit health and well-being organization headquartered in Toledo, Ohio. It offers acute and ambulatory care, an insurance company with a dental plan and post-acute and academic business lines.
Pending regulatory approval, the transaction is expected to close by May 1, 2024. The financial terms were not disclosed.
According to data captured in the LevinPro HC database, this marks the fourth Managed Care acquisition of 2024. n 2023, 31 Managed Care transactions were reported. This is Medical Mutual’s first acquisition of 2024 and its first since it purchased Reserve National Insurance Company in August 2022.
