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The acquisition of Evergreen Health by a group of investors has been approved by the Maryland Insurance Administration.
A group of investors, which is comprised of JARS Health Investments, Anne Arundel Health System and LifeBridge Health, had agreed to acquire the Maryland-based health insurer in early May.
The approval represents the final step in Evergreen Health's transition from nonprofit to for-profit company.
"This is an exciting day for Evergreen Health and the beginning of what now looks to be a very bright future," said Dr. Peter Beilenson, CEO of Evergreen Health. "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."
Dr. Scott Rifkin, one of JARS's principals, added: "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," 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."
Evergreen Health, M&A, Maryland Insurance Administration, JARS Health Investments, Anne Arundel Health System, LifeBridge Health, US