HMAA completes Summerlin Hawaii purchase
Written on April 4, 2010
Hawaii Medical Assurance Association on Thursday closed its deal to buy the fully insured health insurance membership of Summerlin Life and Health Insurance Hawaii.
The deal, first announced in February and recently approved by the state Insurance Division, makes HMAA the state’s second-largest preferred-provider health insurer with more than 46,000 members, after the addition of Summerlin’s 20,000 members.
“We want to welcome our new members to HMAA,” said John Henry Felix, HMAA’s chairman, president and CEO, in a prepared statement. “Our team has been working diligently to ensure a smooth transition for our new members. We want to reassure that their existing benefit plans are still in effect now that they are part of HMAA.”
HMAA and Summerlin did not disclose a purchase price.
The deal excludes Summerlin affiliates HMA Inc. and Health Management Network, which will continue to market and deliver claims administration and provider network services to large self-funded employee benefit health plans, such as those of the major labor unions in Hawaii.
HMAA has been in business since 1989. Summerlin, based in Nevada, entered the Hawaii market in 2004.
Filed in: money.