Aetna Inc. in Hartfors, Con. has agreed to buy a Phoenix-based company that manages health care for Medicaid plans and administers employers’ self-funded health plans.
The Hartford-based insurer announced Thursday that it will buy privately owned Schaller Anderson Inc. for about $535 million.
Schaller Anderson’s subsidiaries provide health plan administrative services in Arizona, California, Delaware, Maine, Maryland, Missouri, New Hampshire and Texas. Schaller Anderson operates HMO health plans in Delaware and Missouri.
Schaller Anderson also manages behavioral health services.
The deal will help Aetna reach uninsured and underinsured patients, a population important to Aetna, spokeswoman Cynthia Michener said Friday.
The company, founded in 1986 and employing about 1,800 workers, also provides consulting services to Tennessee’s Medicaid program.
The deal is expected to close in the third quarter. The combined Medicaid business of Aetna and Schaller will be based in Phoenix.
The transaction requires regulatory approval by federal antitrust officials and state regulators in Delaware and Missouri.
Was this article valuable?
Here are more articles you may enjoy.
Judge Tosses Buffalo Wild Wings Lawsuit That Has ‘No Meat on Its Bones’ 
How One Fla. Insurance Agent Allegedly Used Another’s License to Swipe Commissions 
AI Claim Assistant Now Taking Auto Damage Claims Calls at Travelers 
World’s Growing Civil Unrest Has an Insurance Sting 
