FOR IMMEDIATE RELEASE:
6/14/2017
FOR INFORMATION, CONTACT:
Tracy Imm, 410-468-2206

Maryland Insurance Administration Issues Order Approving Evergreen Health, Inc. to Convert to For-Profit Status and Be Acquired By Investors

Order issued by Commissioner Al Redmer, Jr. Today Will Provide Competition in Health Insurance Market in Maryland

BALTIMORE – Commissioner Al Redmer, Jr. signed an administrative order today that states that it is in the public interest to approve Evergreen Health, Inc. to convert to a for-profit status and be acquired by investors. The investors include: JARS Health Investments, LLC, Anne Arundel Health System, Inc., and LBH Evergreen Holdings, LLC. The Maryland Insurance Administration (MIA) staff heard testimony from the interested parties on June 7, 2017 regarding this request to convert to a for-profit status and enter into a Stock Purchase Agreement.
 
“After a year of working with management representatives from Evergreen, the investor groups, and Centers for Medicare & Medicaid,  we are pleased to issue this order today that permits Evergreen Health to convert to a for-profit status and be acquired by investors,” said Commissioner Redmer. “This is a positive step forward for Evergreen Health, their 65 employees and the consumers they serve today and in the future. We expect the financial condition of the acquiring parties to ensure the company’s financial condition and protect the interests of its policyholders.”
 
For more information on the application of Evergreen Health, Inc. to convert to a for-profit entity, go here: http://insurance.maryland.gov/Consumer/Pages/HealthCoverage.aspx
 

About the Maryland Insurance Administration

The Maryland Insurance Administration is an independent State agency charged with regulating Maryland’s $28.5 billion insurance industry. For more information about the Insurance Administration, please visit www.insurance.maryland.gov or follow us on Facebook at www.facebook.com/MDInsuranceAdmin or Twitter at @MD_Insurance.
 
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