Coventry Health Care

Last updated
Coventry Health Care
TypeDefunct
Industry Health insurance
Founded1986;36 years ago (1986)
DefunctMay 7, 2013 (2013-05-07)
FateAcquired by Aetna
Headquarters North Bethesda, Maryland (Bethesda mailing address)
Key people
Allen Wise (CEO)
RevenueIncrease2.svg US$ 14.113 billion (2012)
Decrease2.svg US$ 759.69 million (2012)
Decrease2.svg US$ 487.06 million (2012)
Total assets Decrease2.svg US$ 8.750 billion (2012)
Total equity Increase2.svg US$ 4.722 billion (2012)
Number of employees
14,400 (January 2013)
Footnotes /references
[1]

Coventry Health Care, Inc. was a health insurer in the United States. It had 3.7 million medical members, 1.5 million Medicare Part D members, and 900,000 Medicaid members. [2] In May 2013, the company was acquired by Aetna for $5.7 billion.

History

The company was founded in 1986 in Nashville by Phil Bredesen. [3]

In August 1998, the company merged with Principal Health Care and moved its headquarters to Bethesda, Maryland. [3]

In October 2000, the company acquired WellPath, the managed care subsidiary of Duke University Health System, for $20.7 million. [4]

In October 2010, the company acquired MHP (Mercy Health Plans), an insurer with approximately 180,000 members in Missouri and northwest Arkansas. [5]

In January 2012, the company acquired Children's Mercy's Family Health Partners. [6]

In May 2013, the company was acquired by Aetna for $5.7 billion. [2] [7]

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References

  1. "Coventry Health Care, Form 10-K, Annual Report, Filing Date Feb 27, 2013" (PDF). secdatabase.com.
  2. 1 2 Pfannenstiel, Brianne (May 8, 2013). "Aetna completes acquisition of Coventry Health". American City Business Journals .
  3. 1 2 Lawson, Richard (November 15, 1998). "Mortgage banker moves into old Coventry space". American City Business Journals .
  4. "Coventry completes WellPath acquisition". American City Business Journals . October 2, 2000.
  5. Lubell, Jennifer (October 1, 2010). "Coventry completes Mercy Health Plans deal". Modern Healthcare .
  6. "Children's Mercy wraps up sale of Medicaid health plan". American City Business Journals . January 11, 2012.
  7. "Aetna Completes Acquisition of Coventry Health Care, Inc" (Press release). Business Wire. May 7, 2013.