Tampa — WellCare Health Plans Inc. has agreed to acquire Atlanta-based Windsor Health Group Inc., a part of Germany-based Munich Re, it announced today. WellCare says it is not disclosing terms of the deal, which it expects to close in three or four months.
Windsor serves Medicare beneficiaries with Medicare Advantage, Prescription Drug Plan and Medical Supplement plans in several states. The company currently offers about 59,000 members Medicare Advantage plans in 297 counties, primarily in Mississippi, Tennessee, Arkansas and South Carolina. Windsor's Prescription Drug Plan serves about 164,000 members, and one of its subsidiaries provides Medicare Supplement policies to about 52,000 members in 40 states, according to the company.
"Windsor's focus on lower income Medicare beneficiaries and those who are dually eligible for Medicare and Medicaid is an excellent fit with WellCare's Medicare and broader government health care programs strategy," says Alec Cunningham, WellCare CEO, in a statement.
In a statement, WellCare (symbol: WCG; recent price: $66.89) says members and policyholders will experience no change in their plans' benefits and coverage.
In other news, WellCare announced late Wednesday that two executives will be leaving the company. Walter Cooper, chief administrative officer, and Daniel Paquin, president of national health plans, will depart Sept. 16. In the same filing, WellCare announced it has promoted Michael Polen, its vice president of corporate initiatives and strategy, to senior vice president of operations.
Based in Tampa, WellCare provides managed care services targeted to government-sponsored health care programs, with a focus on Medicaid and Medicare.