A subsidiary of Edmundson-based Ascension, which operates the nation’s largest Catholic health care system, inked a deal to acquire Michigan-based U.S. Health and Life Insurance Company for $50 million.
The deal was outlined in a filing, dated Jan. 9, to Michigan’s Department of Financial and Insurance Services. The department’s commissioner needs to approve the deal, according to the state’s website.
U.S. Health and Life is licensed to sell insurance in about 20 states, according to its website.
The subsidiary acquiring U.S. Health and Life is Ascension Care Management, which operates Ascension Health’s population health management division, according to the filing.
Last year, Ascension executives announced plans to purchase an insurance company but did not disclose the name of the company. Nick Ragone, spokesman for Ascension, would not comment on whether this was the same insurance company.
Date: February 24, 2015