Insurer Priority Health expands into Northern Indiana and Ohio with new acquisition
June 25, 2024
Business Affairs
Insurance
Priority Health, a Michigan-based health insurance provider serving over 1.3 million members, has acquired Physicians Health Plan of Northern Indiana (PHPNI), a Fort Wayne, Indiana-based insurance agency serving more than 52,000 members across Indiana and Ohio.
Established in 1983, Physicians Health Plan of Northern Indiana provides employer-sponsored benefits and third-party administration to its members, emphasizing cost-efficient and innovative healthcare solutions.
Priority Health offers a variety of health benefits options for employer groups and individuals, including Medicare and Medicaid plans, and maintains a broad network of primary care physicians in Michigan.
"We look forward to providing high-quality, affordable coverage to the customers and members of PHPNI. Our focus will remain on whole-person health and an exceptional member experience," said Praveen Thadani, president of Priority Health. "This will also help simplify and enhance the experience for members of both plans who live near the Indiana or Ohio borders."
The transaction is expected to close by the end of 2024, pending required approvals. The two organizations do not foresee significant changes to product lines and member coverage. The financial proceeds from the transaction will support the mission of the PHP Foundation.
Cain Brothers, a division of KeyBanc Capital Markets, is the exclusive financial advisor, and Faegre Drinker Biddle & Reath LLP is the legal counsel to PHPNI. Taft Stettinius & Hollister is the external legal counsel to Priority Health.
Established in 1983, Physicians Health Plan of Northern Indiana provides employer-sponsored benefits and third-party administration to its members, emphasizing cost-efficient and innovative healthcare solutions.
Priority Health offers a variety of health benefits options for employer groups and individuals, including Medicare and Medicaid plans, and maintains a broad network of primary care physicians in Michigan.
"We look forward to providing high-quality, affordable coverage to the customers and members of PHPNI. Our focus will remain on whole-person health and an exceptional member experience," said Praveen Thadani, president of Priority Health. "This will also help simplify and enhance the experience for members of both plans who live near the Indiana or Ohio borders."
The transaction is expected to close by the end of 2024, pending required approvals. The two organizations do not foresee significant changes to product lines and member coverage. The financial proceeds from the transaction will support the mission of the PHP Foundation.
Cain Brothers, a division of KeyBanc Capital Markets, is the exclusive financial advisor, and Faegre Drinker Biddle & Reath LLP is the legal counsel to PHPNI. Taft Stettinius & Hollister is the external legal counsel to Priority Health.
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