SYRACUSE, N.Y. — POMCO Group, a third-party administrator of self-funded health-care and risk-management plans, has a new owner.
UnitedHealth Group Inc. (NYSE: UNH) — parent company of UnitedHealthcare, the nation’s largest health insurer — closed on the acquisition of POMCO last Friday.
“The combination of UnitedHealthcare’s technologies and health-care support capabilities and POMCO’s market-based solutions will enable us to further expand access to health benefits and wellness initiatives in Central and Upstate New York,” UnitedHealthcare said in a news release. “POMCO’s current location will serve as one of our Northeast service hubs. We will continue to look for opportunities to expand staff here as we grow our third-party administration business.”
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UnitedHealth Group first announced on March 6 that the firms had “entered into an agreement to integrate their third-party administration businesses.”
The Minnetonka, Minnesota–based health insurer declined to disclose any financial terms of its acquisition agreement, including the purchase price.
POMCO Group currently has 453 employees, according to BJNN’s 2017 Book of Lists publication. POMCO is headquartered at 2425 James St. in the Eastwood section of Syracuse.
At the time of the acquisition announcement, BJNN asked if UnitedHealthcare planned any job cuts at POMCO.
“The agreement is subject to customary regulatory approvals, so there is not much more we can share at this time, although we do see this as a growth opportunity here,” company spokesman Gordon Shydlo said in an email response.
Besides Syracuse, POMCO also has operations in Binghamton, Watertown, Rochester, Buffalo, Albany, Westchester, and New York City, according to its website. It also operates offices in Fresno and El Segundo in California.
Contact Reinhardt at ereinhardt@cnybj.com
