M&A? Insurers are calling these moves ‘affiliations’ — here is what they really mean

Becker's Healthcare November 24, 2025
Elizabeth Casolo

“Affiliation” is a buzzword in insurer partnerships. It may seem ambiguous, but this is a standard term for nonprofit M&A-type activity.

A CareSource spokesperson told Becker’s that the nonprofit does not always use the term “acquisition,” instead calling an agreement an “affiliation” when the other party is also a nonprofit.

Here are some recent affiliation agreements playing out:

• Independent Health shared plans to join MVP Health Care. The organizations described the relationship as an “affiliation” in a news release. However, MVP Health Care CEO Chris Del Vecchio clarified that MVP will establish a holding company for the health plans, aligning with a member substitution agreement.

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