HealthMarkets

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HealthMarkets, Inc.
Private
Industry Insurance
Founded 1983
Headquarters North Richland Hills, Texas, United States
Area served
USA
Key people
Kenneth J. Fasola (CEO)
Owner Blackstone Group, Goldman Sachs Capital Partners and DLJ Merchant Banking Partners
Website www.healthmarketsinc.com

HealthMarkets, Inc. is a holding company, formerly known as UICI, with its headquarters in North Richland Hills, Texas. HealthMarkets, Inc. is owned by affiliates of a group of private equity investors, current and former members of management, and its independent sales agents through the company's stock plan. HealthMarkets owns The Chesapeake Life Insurance Company, Mid-West National Life Insurance Company of Tennessee, The MEGA Life and Health Insurance Company, and HealthMarkets Insurance Company. In 2013, HealthMarkets Insurance Agency became the new consumer brand for the company's insurance agency, Insphere Insurance Solutions, Inc., which is licensed as an insurance agency in all 50 states.[1][2] The company offers individual policies as well as life insurance, supplemental insurance, Medicare, and long-term plans from national and regional carriers.[3]

History[edit]

HealthMarkets was founded in 1983 by Ronald Jensen under United Insurance Companies, Inc. (UICI)[4] Through its focus on the then-untapped market of self-employed workers, the company was able to grow earnings by more than double between 1984 and 1985. In 1986, UICI made its first public stock offering.

In October 2004, The MEGA Life & Health Insurance Co, a subsidiary of UICI, acquired HealthMarket Inc, which was a small business insurer. Then, in 2005, a group of private equity investors headed by The Blackstone Group acquired HealthMarkets Inc, moving the company from public to private owned.[5] The MEGA Life & Health Insurance Co. brand was officially renamed to HealthMarkets Inc to convey its new consumer focus.

Kenneth J. Fasola became President and CEO of HealthMarkets Inc. in April 2011 after being appointed as COO in September 2010.[6]

Between 2008 and 2010, several lawsuits were filed against HealthMarkets, Inc., resulting in the Company paying millions of dollars in settlements.[7][8][9][10][11][12][13][14] As of 2010, HealthMarkets no longer offers Scheduled Benefit plans and has discontinued marketing individually underwritten plans.

References[edit]

  1. ^ "Company Overview of HealthMarkets, Inc.". Bloomberg Businessweek. Retrieved 23 August 2014. 
  2. ^ "HealthMarkets Inc". Bloomberg. Retrieved 23 August 2014. 
  3. ^ "HealthMarkets, Inc. Company Profile". Retrieved June 28, 2015. 
  4. ^ "History of UICI". International Directory of Company Histories. 33. St. James Press. 2000. para. 2. Retrieved June 30, 2015. 
  5. ^ "Consortium Led by Blackstone Group to Acquire UICI" (Press release). September 15, 2005. Retrieved June 28, 2015. 
  6. ^ Ledbetter, Donna (September 27, 2010). "HealthMarkets, Inc. Announces CEO Succession" (Press release). PR Newswire. Retrieved July 1, 2015. 
  7. ^ Helfan, Duke (October 21, 2010). "Health insurer HealthMarkets sued by L.A. city attorney over 'junk insurance'". The Los Angeles Times. Archived from the original on August 23, 2014. Retrieved August 23, 2014. 
  8. ^ Fitzgerald, Jay (September 1, 2009). "Insurer to pay $17M to state". The Boston Herald. Retrieved August 23, 2014 – via HighBeam Research. (subscription required (help)). 
  9. ^ Krasner, Jeffrey (August 24, 2007). "State suit alleges health insurers denied benefits". The Boston Globe. Retrieved August 23, 2014 – via HighBeam Research. (subscription required (help)). 
  10. ^ Cooney, Elizabeth (September 1, 2009). "Insurer settles for $17m ; State says firm denied claims, misled customers". The Boston Globe. Retrieved August 23, 2014 – via HighBeam Research. (subscription required (help)). 
  11. ^ Pugh, Tony (December 23, 2013). "'Junk Insurance' Can Fail to Offer Financial Cure". Telegraph Herald. Retrieved August 23, 2014 – via HighBeam Research. (subscription required (help)). 
  12. ^ "Daily roundup". The Columbian. July 22, 2008. Retrieved August 23, 2014 – via HighBeam Research. (subscription required (help)). 
  13. ^ Bell, Tom (April 4, 2008). "Insurer fined $1 million by state bureau ; MEGA expects to begin mailing customer refunds within the next 60 days". Portland Press Herald. Retrieved August 23, 2014 – via HighBeam Research. (subscription required (help)). 
  14. ^ Butterworth, Jill (September 1, 2009). "ATTORNEY GENERAL COAKLEY REACHES $17 MILLION SETTLEMENT WITH HEALTH INSURERS REGARDING UNFAIR, DECEPTIVE CONDUCT". US Fed News Service. Retrieved August 23, 2014 – via HighBeam Research. (subscription required (help)). 

External links[edit]