Cigna Teams Up With Oscar, and More: Relationships
Here's a look at recent mergers, acquisitions and alliances.
Cigna Corp. and Oscar Insurance Corp. have agreed to work together to sell fully insured health coverage to small employers.
The Bloomfield, Connecticut-based insurance giant and the New York-based startup say they will sell the coverage under the Cigna + Oscar brand.
(Related: AmeriLife Acquires Majority Stake in Stephens-Matthews)
Cigna and Oscar plans to share the coverage risk equally, through a reinsurance agreement, the companies say.
The companies say their new program will offer access to a health care concierge services and “broad access to high-performing networks of doctors and hospitals.”
Plans will come with access to telemedicine services at no charge and a variety of digital provider search, appointing scheduling and care tracking tools, the companies say.
The companies aim to sell the coverage through brokers as well as through online portals.
The companies hope to begin selling the Cigna + Oscar in at least some markets by the end of the year.
Oscar was co-founded by Josh Kushner, the brother of Jared Kushner, who’s an advisor to President Donald Trump. The company has made alliances with other large insurance and health care delivery organizations in the past. The list of Oscar strategic partners has included AXA, Cleveland Clinic, and Humana.
In other corporate relationship news:
Blue Cross Blue Shield of Arizona has completed a previously announced acquisition of Stewart Health Choice Arizona LLC.
Arizona Blue is a Phoenix-based carriers that provides or administers coverage for about 1.5 million people.
Steward Health Choice previously was a Phoenix-based subsidiary of Steward Health Care System LLC. It was part of an organization that has been administering health coverage for about 174,000 Medicaid and Medicare enrollees in Arizona and Utah.
Arizona Blue says acquiring Stewart Health Choice Arizona will give it the ability to provide health coverage and related services to Arizonans eligible for Medicaid and those who are dual-eligible for Medicare and Medicaid.
Molina Healthcare Inc. of Long Beach, California, has agreed to acquire NextLevel Health Partners Inc. of Chicago.
Molina is a for-profit health insurer that provides or administers health coverage for about 3.3 million people, including many who are enrolled in managed Medicaid plans.
NextLevel manages Medicaid plans that provides health care and long-term care services for about 50,000 people in the Chicago area.
LexisNexis Risk Solutions, an Atlanta-based unit of London-based Relx PLC, says it has agreed to acquire ID Analytics, a San Diego-based company that provides credit and fraud risk solutions for businesses.
LexisNexis Risk Solutions says the deal should help it expand its fraud and identity management services operations as well as its credit risk analysis operations.
LexisNexis hopes to complete the ID Analytics deal by March 31.
Prudential Financial Inc. has agreed to distribution travel assistance services from International Medical Group (IMG) of Indianapolis.
Prudential will be adding emergency medical transport, medical assistance, travel assistance, and security assistance services from IMG to its menu of travel assistance services offerings, IMG says.
Prudential will be adding identity theft assistance, political and natural disaster evacuation services, and a travel risk tracking app.
Prudential will also be adding an international travel medical product.
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