Bright Health to acquire California health plan

Bright Health signed an agreement to acquire Universal Care, a California-based Medicare health plan, the health insurance startup announced Jan. 8.

Universal Care, which operates as Brand New Day, provides coverage to Medicare-eligible seniors and special needs populations across 12 counties in California. Its provider network spans 7,300 primary care providers and 22,300 specialists.

Bright Health said it expects to close the deal in 2020, pending regulatory approval.

Bright Health has been in the headlines lately for welcoming Cathy Smith, former CFO of Target, as its finance chief Jan. 6. Additionally, the insurer, led by former UnitedHealth Group CEO Bob Sheehy, recently pushed its total equity funding past the $1 billion threshold.

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