HealthMarkets
| Company type | Private |
|---|---|
| Industry | Insurance |
| Founded | 1983 |
| Founder | Ronald Jensen |
| Headquarters | North Richland Hills, Texas , United States |
| Products | Individual insurance policies including life, supplemental, Medicare, dental, vision, and long-term care plans |
Number of employees | 3000+ licensed agents (via subsidiaries) |
HealthMarkets, Inc., previously known as UICI, is headquartered in North Richland Hills, Texas.
History
The company was established in 1983 by Ronald Jensen under the name United Insurance Companies, Inc. (UICI), initially focusing on the self-employed demographic and achieving a twofold increase in revenue from 1984 to 1985. UICI became a publicly traded company in 1986.
In October 2004, UICI’s subsidiary, The MEGA Life & Health Insurance Co., purchased HealthMarket Inc, a provider specializing in insurance for small businesses. The following year, a private equity consortium led by The Blackstone Group acquired HealthMarkets Inc and took it private. Subsequently, The MEGA Life & Health Insurance Co. was renamed HealthMarkets Inc to emphasize its consumer-oriented approach.
From 2008 through 2010, HealthMarkets encountered several legal challenges that led to multi-million dollar settlements concerning undisclosed influence over nonprofit entities such as the Alliance for Affordable Services and the National Association for the Self-Employed. By 2010, the company discontinued its Scheduled Benefit plans and stopped marketing individually underwritten insurance products.
Organization Structure
HealthMarkets, Inc. operates through several subsidiaries:
The Chesapeake Life Insurance Company, which provides underwriting services for both insurance and non-insurance offerings sold under the SureBridge brand.
HealthMarkets Insurance Agency, Inc., formerly Insphere Insurance Solutions, Inc., holds licenses across all 50 states. This agency distributes individual insurance policies including life, supplemental, Medicare, dental, vision, and long-term care plans from a variety of national and regional insurers via more than 3,000 licensed agents, as well as online and telephone channels. Additionally, this agency includes independent brokerages such as Excelsior Insurance Brokerage, Inc., and Benefitter Insurance Solutions—a San Francisco-based company delivering employee benefits decision support tools tailored for brokers and small business clients.