Germany's Munich Re sells US health insurance unit

AP News
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Posted: Sep 05, 2013 10:12 AM

BERLIN (AP) — German insurer Munich Re AG says it is selling American health insurance provider Windsor Health Group to WellCare Health Plans Inc. of the U.S. for an undisclosed sum.

Munich Re said Thursday that the sale resulted from a review of its primary health insurance strategy in the U.S. and was part of an effort to increase its health arm's focus on business with corporate clients.

The German company says the deal is expected to close in this year's final quarter, subject to regulatory approval.

Munich Re's main business is reinsurance — providing backup coverage to primary insurers so that the industry can handle losses from major disasters. It also has a primary insurance business.

WellCare Health Plans is based in Tampa, Florida.