Allianz Life teams up with Wellcare on senior health program.KINGSTON, NY--(BUSINESS WIRE)--Jan. 22, 1996-- The WellCare Management Group, Inc. (Nasdaq:WELL) and Allianz Life Insurance Company of North America, a subsidiary of one of the world's largest insurance companies, have entered a contract with under which Allianz will provide quota share reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. to Senior Health, a Medicare Risk Contract Medicare risk contract Managed care An HMO-like format for delivering care under Medicare in which a Pt/client pays a flat fee to a Medicare risk contractor, which is then responsible for delivering health care; a person covered under an MRC receives only listed program operated by WellCare. Under the agreement, Allianz will provide reinsurance coverage for Senior Health and will share in Senior Health's profits and losses during the early formative years of the program. "Allianz is truly a giant in the insurance industry in the world. Their involvement with WellCare in developing Senior Health gives us the resources to aggressively develop the best health plan possible for Medicare beneficiaries and do so with an added measure of financial prudence. The Allianz relationship will provide WellCare enhanced financial competitiveness without corresponding financial dilution to existing shareholders," said Edward A. Ullmann, WellCare CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President. WellCare's subsidiary, WellCare of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Inc., is the Hudson River Valley's largest HMO HMO health maintenance organization. HMO n. A corporation that is financed by insurance premiums and has member physicians and professional staff who provide curative and preventive medicine within certain financial, currently providing health care services to approximately 98,000 members in a service area extending from New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. to the Capital Region and southern Adirondacks, and west into the Mohawk River Valley and Southern Tier counties. In August, 1995, the HMO received a risk contract to enroll Medicare beneficiaries in eight counties in the Hudson River Valley region. Allianz Life Insurance Company of North America is a wholly-owned subsidiary of Allianz of America, Inc., the holding company for the North American operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. of Allianz A.G. , of Munich, Germany, which is the world's sixth largest insurer with operations in 47 countries. CONTACT: Edward A. Ullmann, WellCare, 914/338-4110, Ext. 7142, or Melissa Wilmoth, Cameron Associates, 212/644-9560 |
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