Forbes September 29, 2020
Molina Healthcare said it will buy Affinity Health Plan for $380 million in cash, expanding the health insurer’s Medicaid government health benefits businesses deeper into New York.
Affinity, a Medicaid health plan with more than 280,000 subscribers in New York City, Westchester, Orange, Nassau, Suffolk, and Rockland counties in New York, has $1.3 billion in annual premium revenue.
“The acquisition of Affinity provides us with a stable base of membership and revenue and will deepen Molina’s service offerings in New York, allowing us to meet the needs of hundreds of thousands of additional Medicaid members,” Molina chief executive officer Joe Zubretsky said. “The transaction provides added stability to Affinity’s Medicaid members and its state partner during this critical time.”
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