Industry Insurance Founded 1983 | Area served USA Type of business Private | |
 | ||
Key people Kenneth J. Fasola (CEO) Website www.healthmarketsinc.com Headquarters North Richland Hills, Texas, United States Subsidiaries Mega Life and Health Insurance Owners The Blackstone Group, Goldman Sachs Capital Partners, APriori Capital Partners Profiles | ||
HealthMarkets, Inc. is a holding company, formerly known as UICI, with its headquarters in North Richland Hills, Texas. HealthMarkets, Inc. is owned by affiliates of a group of private equity investors, current and former members of management, and its independent sales agents through the company's stock plan. HealthMarkets owns The Chesapeake Life Insurance Company, Mid-West National Life Insurance Company of Tennessee, The MEGA Life and Health Insurance Company, and HealthMarkets Insurance Company. In 2013, HealthMarkets Insurance Agency became the new consumer brand for the company's insurance agency, Insphere Insurance Solutions, Inc., which is licensed as an insurance agency in all 50 states. The company offers individual policies as well as life insurance, supplemental insurance, Medicare, and long-term plans from national and regional carriers.
History
HealthMarkets was founded in 1983 by Ronald Jensen under United Insurance Companies, Inc. (UICI) Through its focus on the then-untapped market of self-employed workers, the company was able to grow earnings by more than double between 1984 and 1985. In 1986, UICI made its first public stock offering.
In October 2004, The MEGA Life & Health Insurance Co, a subsidiary of UICI, acquired HealthMarket Inc, which was a small business insurer. Then, in 2005, a group of private equity investors headed by The Blackstone Group acquired HealthMarkets Inc, moving the company from public to private owned. The MEGA Life & Health Insurance Co. brand was officially renamed to HealthMarkets Inc to convey its new consumer focus.
Kenneth J. Fasola became President and CEO of HealthMarkets Inc. in April 2011 after being appointed as COO in September 2010.
Between 2008 and 2010, several lawsuits were filed against HealthMarkets, Inc., resulting in the Company paying millions of dollars in settlements. As of 2010, HealthMarkets no longer offers Scheduled Benefit plans and has discontinued marketing individually underwritten plans.