UnitedHealthcare purchased Golden Valley, Minn.-based PreferredOne Aug. 16, further establishing the insurer's presence in its home state.
While financial details were not disclosed, UnitedHealthcare completed the acquisition the morning of Aug. 16, with Fairview Health Services ceding ownership, according to the StarTribune. In UnitedHealthcare's application for regulatory approval, the company noted its opportunity to develop currently limited commercial plans in the state.
PreferredOne has historically been the fifth-largest nonprofit carrier in Minnesota. It also includes 420 local employees.
UnitedHealthcare will be adding nearly 250,000 members from PreferredOne, with members primarily composed of those enrolled in self-funded employer plans.