Mergers & Acquisitions

Summit Insurance agrees to sell health insurance business to Medical Mutual of Ohio

Published in State and Local Health Law Weekly, April 27th, 2006

Summit Insurance Company has signed a definitive agreement to sell its health insurance business to Medical Mutual of Ohio.

The agreement means the transfer of Summit's approximately 900 groups representing 20,000 members to Medical Mutual subsidiary Consumers Life Insurance company.

Ron Musilli, president of Summit Insurance Company, stressed that the decision to sell the assets of Summit came at the optimum time, given the increasingly expensive, highly volatile insurance environment.

Musilli noted that the boards of directors of Summit Group Holding Company and UVMC (sole shareholder of Summit Group Holding Company) last year...

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Source: State and Local Health Law Weekly (2006-04-27)

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