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Sunshine State Health Plan Raises Money

By Staff Writer

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Avalon Healthcare Holdings Inc. has raised $1.4 million by selling stock to existing shareholders and another $2.3 million by selling stock to Manning & Napier Advisors Inc.

Avalon, Tampa, Fla., is a 3-year-old company that sells high-deductible health coverage to customers in Florida’s group and individual health coverage markets.

Manning & Napier, Fairport, N.Y., is an investment firm.

Avalon will use the new capital to expand its provider network, improve its Web services and meet statutory net worth requirements, the company says.