Medi Assist set to buy Paramount Health at enterprise value of Rs 312 cr | Company News
Paramount TPA works with 30 insurers and over 3,000 group customers and retail policyholders.| Representative Image
Medi Assist Healthcare Services, which offers third-party administration services to insurance firms, on Monday said it will fully acquire Paramount Health Services & Insurance TPA at an enterprise value of Rs 311.8 crore.
Medi Assist Insurance TPA, a wholly-owned subsidiary of Medi Assist Healthcare Services, has inked a pact with Fairfax Asia and Nayan Shah & family to acquire Mumbai-based Paramount Health Services & Insurance TPA.
Paramount is a prominent player in the TPA space, owned by Fairfax Asia and the Shah family.
With the acquisition of Paramount TPA, Medi Assist TPA’s market share will grow to 36.6 per cent for the group segment and 23.6 per cent of the health insurance industry, by premiums managed, the company said.
The acquisition represents one of the largest TPA deals in India, with an enterprise value of Rs 311.8 crore, subject to regulatory (Irdai) approvals, it added.
Paramount TPA works with 30 insurers and over 3,000 group customers and retail policyholders.
“This strategic move strengthens our market leadership and aligns with our long-term vision of making quality healthcare accessible and efficient. I welcome the Paramount team to the Medi Assist family and to achieving greater milestones,” Medi Assist CEO Satish Gidugu said.
Paramount TPA MD Nayan Shah said the coming together of two leading TPAs will go a long way in delivering on the promise of insurance for all by 2047.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 26 2024 | 9:07 PM IST
