Close Close
ThinkAdvisor

Life Health > Health Insurance

Humana Closes on KMG

X
Your article was successfully shared with the contacts you provided.

A large managed care company has scooped up a company that sells employee-paid insurance products through the worksite.

Humana Inc., Louisville, Ky., has paid about $188 million in cash for KMG America Corp., Minnetonka, Minn., the parent of Kanawha Insurance Company.

The price includes the assumption of about $50 million in debt, Humana says. Humana paid $15 million of the debt at closing.

KMG sells group and voluntary insurance benefits, and by administering benefit plans for employers.

KMG also runs stand-alone stop-loss insurance plans for employer plans with a total of about 392,000 members, and it administers claims and provides medical management services for self-insured plans with about 126,000 members, Humana says.


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.