The Maryland Insurance Administration has approved the Cigna‘s acquisition of Bravo Health, a Baltimore, Md.-based operator of Medicare Advantage plans.
Maryland Associate Commissioner Neil A. Miller signed the order approving the $545 million deal Jan. 23, according to MIA records.
The deal is slightly convoluted in large part because of federal health reform, which has led health insurers to diversify. The original deal to buy Bravo Health, announced in August 2010, was HealthSpring, which was acquired by Connecticut-based Cigna in October 2011 for $3.8 billion.
HealthSpring has 340,000 Medicare Advantage customers in 11 states and Washington, as well as a stand-alone Medicare prescription division with more than 800,000 customers.
NewQuest Health Solutions was taken over in 2004 through a recapitalization by G.T.C.R. Golder Rauner, a private-equity firm based in Chicago, in 2004. The company was taken public in February 2006.
Founded in 1996, Bravo Health’s licensed subsidiaries provide Medicare beneficiaries access in Delaware, Maryland, New Jersey, Pennsylvania, Texas, and Washington, D.C. and offer Part D Prescription Drug Plans in 43 states.
HealthSpring owns and operates Medicare Advantage plans in Alabama, Florida, Georgia, Illinois, Mississippi, Tennessee and Texas and also offers a national stand-alone Medicare prescription drug plan.
Bravo Health’s sale to Cigna gets Maryland regulator’s approval via IFAwebnews .
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