Paramount TPA is owned by Nayan Shah family and Fairfax Asia, which had picked up 51 % in the company in 2020
With the acquisition of Paramount TPA, Medi Assist TPA market share will grow to 36.6% for the group segment and 23.6% of the health insurance industry, by premiums managed
Mumbai/ Bengaluru: Continuing its inorganic growth in the Indian third-party administrator(TPA) sector, Medi Assist Insurance TPA , the largest domestic TPA, today announced full acquisition of another TPA- Paramount Health Services & Insurance TPA Pvt. Limited (“Paramount TPA”) owned by Fairfax Asia and Nayan Shah family.
The acquisition represents one of the largest TPA deals in India, with an enterprise
value of Rs 311.8 crore, and equity value expected to exceed Rs 400 crore, subject
to regulatory (IRDAI) approvals.
Medi Assist earlier had taken over Raksha Insurance TPA , Medvantage (erstwhile UnitedHealthcare Parekh TPA) and had also picked up a majority stake in UK-based healthcare company Mayfair We Care.
With the acquisition of Paramount TPA, Medi Assist TPA market share will grow to 36.6% for the group segment and 23.6% of the health insurance industry, by premiums managed.
In India, TPAs are only associated with health insurance business acting as an intermediary between hospitals and insurance companies.
“Paramount TPA has performed really well over the past years under Dr. Nayan Shah’s leadership. We are thrilled that in its new home, Medi Assist TPA, it will reach greater heights.” said Gobinath Athappan, chairman & CEO, Fairfax Asia.
“Paramount TPAs 28-years of leadership in the TPA industry stands testament to its success. Our COO, Atman Shah’s leadership has been instrumental in the growth of the business. The coming together of 2 leading TPAs will go a long way in delivering on the promise of Insurance for all by 2047.” said Nayan Shah, MD Paramount TPA.
“This strategic move strengthens our market leadership and aligns with our long-term vision of making quality healthcare accessible and efficient. I welcome the Paramount team to the Medi Assist family and to achieving greater milestones.” said Satish Gidugu, CEO Medi Assist
Paramount TPA works with 30 Insurers and 3,000+ group customers and retail policyholders.
This acquisition is expected, amongst others, to leverage Medi Assist’s technology, automation (AI/ML), provider networks that position the combined business as a long-term strategic partner to insurers.