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Oscar Closes on $140 Million in Funding: Deals

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Mulberry Health Inc. — a New York-based health insurer better known as Oscar — said it has attracted $140 million in funding from a group of investors led by Tiger Global Management LLC.

(Related: MassMutual to Buy Cash Management Platform for RIAs: Deals)

Oscar sells individual and family major medical insurance, Medicare plans, and small-group health plans. It says it ended the third quarter with 420,000 health plan enrollees in 18 states.

In related news, Oscar said it has started the process of registering to sell stock to the public, through an initial public offering.

Bestow Attracts $70 Million

Bestow Inc., an online life insurance firm, has raised $70 million in funding from a group of investors that includes Sammons Financial.

Sammons Financial is the parent of Midland National and North American Company for Life and Health Insurance.

Bestow said it has now raised a total of $145 million. The company has focused on selling life insurance online.

Bestow recently agreed to acquire Centurion Life Insurance Company from Wells Fargo.

Diameter Health Raises $18 Million

Diameter Health, a health data technology company based in Farmington, Connecticut, has attracted $18 million in funding from a group of investors.

The largest investor in the group was Centene Corp., a large health insurer.

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Diameter Health runs Fusion, a system that helps doctors, hospitals and other health care providers store, structure and share patient care information. Health care providers can use the Fusion system to send data to life insurers and large health plans as well as to government agencies, health information exchange programs, and other health information technology vendors.

Integrity Marketing Acquires Best Value Insurance

Integrity Marketing Group LLC has scooped up a health insurance brokerage in the Northwest.

The Dallas-based insurance distributor has acquired Best Value Insurance Services Inc., a company in Ferndale, Washington, that distributes health insurance products aimed at people who are at or near retirement age.

Integrity Marketing has backing from Harvest Partners and relationships with about 275,000 agents, up from 250,000 in April. It has focused on buying other companies that sell life insurance, annuities and health insurance to older Americans.

Best Value was founded in 2004. It has relationships with hundreds of independent agents, and those agents work with about 15,000 customers per year, according to Integrity Marketing.

The Best Value agents expect to help insurers place business that will generate about $30 million in annual premium revenue, Integrity Marketing said.

Purchase price was not disclosed, but Integrity Marketing said that Jay Ebert, Best Value’s founder and president, will become a managing partner with Integrity Marketing.

— Read AmeriLife and Integrity Marketing Make Dealson ThinkAdvisor.

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