The New Hampshire Insurance Department has found an acquirer for the operations of a small, struggling health insurer.
MVP Health Insurance Company of New Hampshire, Bedford, N.H., a unit of MVP Health Care Inc., Schenectady, N.Y., has agreed to assume the policies and operations of Patriot Health Insurance Company, Manchester, N.H., Dec. 31, according to New Hampshire department officials.
Organizers started Patriot in 2005 to serve the market for account-based health plans. The company now covers 6,500 individuals and has suffered operating losses that required that steps be taken to maintain the security of the coverage over the long term, according to Roger Sevigny, the New Hampshire insurance commissioner.
A New Hampshire state court has placed Patriot in court-supervised rehabilitation and approved an assumption agreement transferring the policies to MVP, officials say.
Patriot will continue to pay claims in the ordinary course while preparing for the transfer, and MVP intends to maintain Patriot’s plans in substantially the same form, according to MVP President David Oliker.
Patriot products and rates will stay the same through the end of group’s contract year, and MVP will honor all current provider fee schedules and network contracting agreements, MVP executives say.