UnitedHealth Group Board Chairman and CEO Stephen Hemsley privately invested in healthcare companies that work with UnitedHealth or have competing offerings, The Wall Street Journal reported Feb. 16.
Mr. Hemsley’s investment firm, Cloverfields Capital Group LP, has made both public and private investments, UnitedHealth Group confirmed. According to the Journal, some companies in which the group invested that may rival UnitedHealth products include Solera Health, providing digital health solutions, and Monogram Health, supporting chronic conditions. Cloverfields Capital also was a co-investor in Nexben, which offers tools for employers funding health insurance. A platform for insurance brokers included UnitedHealth plans, the publication found.
Mr. Hemsley established Cloverfields following his time as UnitedHealth Group CEO ended in 2017. He does not have “day-to-day” responsibilities, the insurer said, moving any relevant personal ownership interests to an independently managed trust upon his return to the CEO role in 2025. UnitedHealth Group said Mr. Hemsley does not have a majority interest in these healthcare holdings.
The Journal said UnitedHealth did not clarify whether the trust is “blind,” shielding Mr. Hemsley from having knowledge of asset transactions, nor did the company share trust documents.
“Under the terms of the trust agreement, Mr. Hemsley is prohibited from participating in, or consulting on, any decisions made by the trustees concerning the healthcare companies, which is consistent with common best practices and aligns with established models for avoiding potential conflicts of interest,” UnitedHealth Group said in a statement shared with Becker’s. “When Mr. Hemsley returned as CEO, he committed to not participating in, or consulting on, any decision made by UHG concerning such healthcare companies.”
The company said Mr. Hemsley is in compliance with its conflict-of-interest and trading policies, along with SEC and regulatory requirements.
So far in 2026, UnitedHealth has faced federal scrutiny for its vertical integration, bringing in more businesses that run the healthcare gamut. The company contains more than 2,600 subsidiaries, opening the door to overlapping agendas.
