September 11, 2017

UnitedHealth in talks to acquire Latin American insurer

Insurer UnitedHealth Group is in talks to acquire Latin American health insurer Banmédica, the company confirmed Monday following a news report.

Reuters reported this weekend that the Chilean healthcare company Banmedica SA told its local regulators Friday it had signed a non-binding agreement to sell all its shares to UnitedHealth Group. An amount and terms were not disclosed.

UnitedHealth Group, which has offices in Hartford, said only by email that it is engaged in "nonbinding, exploratory talks" to purchase the insurer, which operates in Chile, Colombia and Peru.

"There are specific terms under discussion but no formal agreement at this time, and no guarantee this process will end with an agreement to combine," according to a statement from UnitedHealth.

Banmédica is one of the largest private health groups in the three Latin American countries, Spokesperson Christine Farazi said via email.

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