Medical Mutual of Ohio Acquires Carolina Care Plan
Posted on: Tuesday, 8 May 2007, 09:00 CDT
COLUMBIA, S.C., May 8 /PRNewswire/ -- Medical Mutual of Ohio has reached an agreement in principle to purchase Carolina Care Plan Inc., for an undisclosed amount.
Carolina Care Plan will continue to be based in Columbia and operate under the same name.
The transaction is subject to regulatory approval and by Carolina Care Plan's shareholders on May 14. The South Carolina Physicians Care Charity has already voted in favor of the deal.
"Carolina Care Plan is excited to become part of the Medical Mutual of Ohio family," said Neal Brown, president and CEO of Carolina Care Plan. "We believe this arrangement will greatly benefit both companies and allow us to continue providing a quality healthcare coverage alternative to South Carolinians."
Brown added that the financial rating of Carolina Care Plan had recently declined making the infusion of cash necessary to restore stability and to protect the plan's members.
"Entering the South Carolina market is a great opportunity for us," said Kent Clapp, Medical Mutual chairman, president and CEO. "We see a great deal of potential in Carolina Care Plan, which has excellent relationships with the local broker and hospital and physician communities in addition to a commitment to its members."
Clapp added, "Tying ourselves to the local community is the way we like to do business, which makes this deal a good fit for us."
In recent years, Medical Mutual, which has 1.6 million members and $2 billion in annual revenue, has expanded to where it will now be doing business in eight states.
"Bringing affordable and flexible health insurance products with great customer service in addition to the best wellness programs are the reasons we've been well received in Georgia and our other new markets," continued Clapp.
"Our philosophy is that healthcare is local," said Clapp. "We will evaluate the situation and determine an appropriate staffing level. Carolina Care Plan is a valued community asset that we are dedicated to maintaining for the sake of keeping competition alive in the South Carolina health insurance market."
Founded in 1934, Medical Mutual of Ohio is the oldest and largest health insurance company based in Ohio. The company serves its customers through high-quality, affordable group and personal health insurance plans, and third- party administrative services to self-insured group customers. For more information, visit the company's award-winning Web site at http://www.medmutual.com/.
Medical Mutual of Ohio
CONTACT: Don Olson, Manager, Media Relations of Medical Mutual of Ohio,+1-216-687-2899, don.olson@mmoh.com; or Local Contact: Bud Ferillo of Ferillo& Associates, Inc., +1-803-771-6106, for Medical Mutual of Ohio
Web Site: http://www.medmutual.com/
Source: PRNewswire
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