HIP of N.Y. Completes ConnectiCare Buyout
HIP Health Plan of New York hs completed its acquisition of ConnectiCare Holding Company, Inc. HIP received regulatory approval for the acquisition from Massachusetts and previously from Connecticut and New York. The acquisition agreement was announced June 23, 2004.
HIP’s acquisition of ConnectiCare strengthens its current market position in the tri-state region. Already the largest HMO in New York City by membership, HIP’s acquisition of ConnectiCare extends its geographic reach to Connecticut and Massachusetts. With the addition of ConnectiCare members, HIP’s membership increases from approximately 1.1 million members to 1.4 million members.
ConnectiCare will retain its premium brand name and continue to operate from its Farmington, Conn. headquarters under its current senior management team.
resence in neighboring states.”
HIP is affiliated with more than 100 participating hospitals. HIP acquired Vytra Health Plans in 2001.
ConnectiCare serves approximately 245,000 members through its affiliates, ConnectiCare, Inc.; ConnectiCare of Massachusetts, Inc. (CMI); ConnectiCare of New York, Inc.; and ConnectiCare Insurance Company, Inc.
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