SYRACUSE, N.Y. — POMCO Group, a third-party administrator of self-funded health-care and risk-management plans, will soon have a new owner.
UnitedHealth Group Inc. (NYSE: UNH) — parent company of UnitedHealthcare, the nation’s largest health insurer — on Monday released a statement indicating both firms “have 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.
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UnitedHealthcare expects the deal to close by the end of the month, Maria Gordon Shydlo, public-relations director for the insurer, said in an email response to a BJNN inquiry.
UnitedHealthcare ranks among the top three health insurers in Central New York by number of members, BJNN Research estimates. It has 190,000 members and 30 employees in the region, with local headquarters in DeWitt.
POMCO Group currently has 453 employees, according to BJNN’s upcoming 2017 Book of Lists publication. POMCO is headquartered at 2425 James St. in the Eastwood section of Syracuse.
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,” Gordon Shydlo said in the email response.
“We are excited to combine capabilities with POMCO and UnitedHealthcare,” Matt Peterson, CEO of ancillary and individual at UnitedHealthcare, said in the release. “After decades of strong performance with POMCO, we see further opportunities for growth with our combined businesses.”
“UnitedHealthcare is a proven market innovator that brings vast technological and capital resources to ensure investments in our clients, employees, providers and community,” Robert Pomfrey, president and CEO of POMCO, said in the UnitedHealthcare release. “This collaboration will expand UnitedHealthcare’s products and service while also bringing more cost-effective solutions to POMCO clients, members and the Central and Upstate New York regions.”
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
