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Medical Mutual Agrees To Acquire Carolina Care

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A Midwestern health insurer may scoop up a Southeastern health insurer.

Medical Mutual of Ohio, Cleveland, says it has agreed to acquire Carolina Care Plan Inc., Columbia, S.C.

The price of the deal was not disclosed, but Medical Mutual says Carolina Care, a health maintenance organization plan that covers about 70,000 people, would continue to be based in Columbia and operate under the same name.

The deal is subject to regulatory approval and a vote by Carolina Care shareholders.

Carolina Care is selling because it needs capital to overcome the effects of a cut in its financial rating, Medical Mutual says.