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Ascension to purchase Michigan health insurer for $50M

A subsidiary of St. Louis-based Ascension Health intends to buy U.S. Health and Life Insurance, based in Sterling Heights, Mich., for $50 million, according to a Crain's Detroit Business report.

Ascension's proposed purchase of the Michigan insurer was included in documents recently filed with the Michigan Department of Financial and Insurance Services.

Through the transaction, Together Health Network, a physician-led clinically integrated network owned by Ascension Health and Livonia, Mich.-based Trinity Health, would be able to participate in Michigan's health insurance exchange with its narrow provider network, according to the report.

U.S. Health and Life Insurance is licensed in about 20 states, including Illinois, Indiana, Michigan and Ohio, according to the report.

More articles on healthcare industry transactions:

Partners HealthCare CEO: Merger deal with Hallmark Health on 'pause'
UPMC, Jameson Health approve definitive merger agreement
3 steps nonprofit health systems should take before merging

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