Acquisition of Evergreen Health Approved by the Maryland Insurance Administration
The proposed acquisition of Evergreen Health by a group of investors has been approved by the Maryland Insurance Administration, ensuring continued access to quality and affordable coverage for Evergreen Health’s 24,000 members.
The approval, marked by an official signing by Insurance Commissioner Al Redmer at Evergreen Health’s offices Wednesday afternoon, represents the final step in Evergreen Health’s transition from nonprofit to for-profit company.
Representatives from the investor group, which is comprised of JARS Health Investments, Anne Arundel Health System and LifeBridge Health, said they are enthusiastic about the future of the health insurer.
“This is an exciting day for Evergreen Health and the beginning of what now looks to be a very bright future. I have no doubt whatsoever that the infusion of resources and experience that our investors will bring to Evergreen will result in better and broader services for our members,” said Dr. Peter Beilenson, CEO of Evergreen Health. “I would like to thank the investor group for the confidence they have shown in Evergreen, our employees for their incredible hard work and dedication, and our incredible network of brokers throughout the state for their steadfast support,” Dr. Beilenson added.
“We are thrilled to be a part of Evergreen Health and we’re looking forward to beginning the next chapter in this great company’s history,” said Dr. Scott Rifkin, one of JARS’s principals.
“We are obviously pleased that the Maryland Insurance Administration has approved Evergreen’s acquisition and are excited to begin helping Evergreen further its mission of providing high-quality services at affordable prices,” said Maulik Joshi, DrPH, Executive Vice President and Chief Operating Officer of Anne Arundel Health System.
“We are confident that our partnership in Evergreen Health will prove to be a benefit for everybody involved, including the people of Maryland, who will continue to have an affordably priced, high-quality option when choosing an insurance carrier,” said Neil Meltzer, President and CEO of LifeBridge Health.
JARS is an investment group formed and funded by some of Maryland’s top healthcare executives specifically to support Evergreen Health’s mission of providing health insurance to Maryland residents.
Anne Arundel Health System includes a 380-bed not-for-profit hospital (Anne Arundel Medical Center), a medical group, imaging services, a substance use treatment center, and health enterprises. In addition to a 95-acre Annapolis campus, Anne Arundel Medical Center has outpatient pavilions in Bowie, Kent Island, Odenton, Pasadena and Waugh Chapel to serve the more than 1.2 million people in its service area.
LifeBridge Health is one of the largest, most comprehensive providers of health services in Maryland. LifeBridge Health includes Sinai Hospital, Northwest Hospital, Carroll Hospital, Levindale Hebrew Geriatric Center and Hospital, and related subsidiaries and affiliates.
