Baystate Health to sell insurance subsidiary

Springfield, Mass.-based Baystate Health reached a deal to sell Health New England, its insurance subsidiary, to Point32Health. 

According to a Feb. 15 news release, Health New England has around 180,000 Medicare, Medicaid and commercial members in Western Massachusetts. Point32Health has 1.9 million members in Massachusetts and four other states. 

The deal was unanimously approved by the boards of both organizations and is subject to regulatory approval. 

"Preserving and enhancing strong, high-quality, not-for-profit health plans is critical for Massachusetts health care," Cain Hayes, president and CEO of Point32Health, said in a news release. "We are excited at the possibility of welcoming Health New England into the Point32Health family of companies." 

Point32Health is the parent company of two nonprofit health plans, Harvard Pilgrim Health Care and Tufts Health Plan. 

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