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July 25, 2006

Allianz Life Seeks Buyer For Health Care Unit

Copyright 2006 Star Tribune Star Tribune (Minneapolis, MN)
Distributed by Knight/Ridder Tribune News Service

Jul. 25--Allianz Life Insurance Co. of North America is looking to sell its health care division, which has 185 employees and underwrote about $281.1 million in premiums last year. That represents about 2 percent of Allianz Life's total premiums of $13.85 billion.

In a brief statement, the Golden Valley-based company, a subsidiary of Allianz Group, a large German financial services conglomerate, said it wanted to focus on its core life insurance businesses.

Allianz "has decided to divest our health products line of business, as it is a very specialized business that does not fit the overall strategic direction of our company," the statement said. "We are working diligently to identify a suitable company to purchase this business and transition operations to the new owner."

The health care division reinsures HMOs, employers and insurance companies against catastrophic losses. The division also includes Allianz's LifeTrac Network, a national network of 40 transplant facilities used by HMOs, insurance companies and self-funded health plans that enroll about 23 million patients. LifeTrac processes more than 2,400 bone-marrow and organ transplants a year.

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Posted by healthinsurance at 02:08 PM | Comments (0)