US health insurance company Medical Mutual has confirmed plans to acquire regional peer Paramount Health, which is owned by ProMedica.  

Paramount, set up in 1988, is headquartered in Toledo, Ohio, and operates primarily in Ohio and Michigan, US.  

It specialises in offering a range of insurance plans including Medicare Advantage, Individual ACA, commercial group and short-term insurance, with more than 77,000 health and 308,000 dental plan members across six Midwest states.  

Upon deal completion, anticipated by 1 May 2024, the health insurer will operate as a fully owned subsidiary of Medical Mutual.  

The transition is expected to be seamless for current members, with no immediate changes to their interactions with either company, Medical Mutual added. 

Financial terms of this transaction were not disclosed.  

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Currently, Medical Mutual and Paramount are developing transition plans, with Medical Mutual set to integrate Paramount employees into its operations post-acquisition.  

Medical Mutual’s branded products and services will continue to be available in north-west Ohio, including access to ProMedica’s provider networks. 

The inclusion of all ProMedica primary care providers, specialists, hospitals and outpatient care clinics in Medical Mutual’s commercial group, Medicare Advantage, and Individual ACA provider networks signifies a strengthened partnership between the two entities. 

This deal is currently awaiting regulatory clearance. 

Medical Mutual president and CEO Steve Glass said: “This acquisition aligns two companies that share a lot more than just being headquartered in Ohio.  

“Paramount, like Medical Mutual, is renowned for its outstanding local care and excellent service. Having this quality organisation join the Medical Mutual family of companies presents a unique opportunity to strengthen our position as a trusted healthcare navigator in Ohio.” 

ProMedica president and CEO Arturo Polizzi added: “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.”