New Delhi: On Monday, Medi Assist Healthcare Services announced their plans to complete the acquisition of Paramount Health Services & Insurance TPA for a price exceeding Rs 400 crore. /Medi Assist Insurance TPA, a company owned entirely by Medi Assist Healthcare Services, has signed an agreement with Fairfax Asia and Nayan Shah & family to purchase Paramount Health Services & Insurance TPA located in Mumbai.
Paramount is a key player in the TPA industry, under the ownership of Fairfax Asia and the Shah family. Medi Assist TPA's market share in the group segment and health insurance industry will increase to 36.6 pc and 23.6 pc respectively with the addition of Paramount TPA, according to the company.
The agreement was finalized with an enterprise value of approximately Rs 311 crore, with Rs 110 crore of cash equivalents to be included in the acquisition payment. It is one of the biggest TPA transactions in India, contingent upon regulatory (Irdai) authorizations, the statement included.
Paramount TPA collaborates with 30 insurance companies, along with more than 3,000 group clients and individual policyholders. This strategic decision bolsters our competitive edge and is in line with our vision of improving accessibility and effectiveness in healthcare. Medi Assist CEO Satish Gidugu expressed his welcome to the Paramount team as they join the Medi Assist family and work towards achieving more milestones. Nayan Shah, MD of Paramount TPA, stated that the union of two top TPAs will greatly contribute to fulfilling the commitment of providing insurance to everyone by 2047.
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