United Healthcare Group is acquiring Syracuse Pomco Group, an insurance administrator that hires almost 400 individuals at its headquarters in Eastwood.
Syracuse Pomco Group and United Healthcare released a statement Monday saying they have entered into a contract to “integrate their third-party administration businesses.”
“In addition to further expanding access to health benefits in Central and Upstate New York, businesses and clients will have higher access to programs and services that can make better the health and well-being of people in the region,” the statement claimed.
“We’re excited to combine capabilities with Pomco and UnitedHealthcare,” Matt Peterson, chief executive officer of ancillary and individual at United Healthcare, stated in the statement. “After decades of powerful performance with Pomco, we see further possibilities for growth with our combined businesses.”
“United Healthcare is a proven market innovator that brings vast technological and capital resources to make sure investments in our clients, workers, providers and community,” Robert Pomfrey, president and chief executive officer of Pomco, stated in the statement. “This collaboration will expand the products and service of United Healthcare while also bringing more cost-effective solutions to Pomco clients, members and the Central and Upstate New York regions.”
Sources stated that workers at Pomco’s headquarters on James Street were informed of the deal Monday morning and told that their jobs “will be safe.” The sale is hoped to take about thirty days to close, one source claimed.
Inquired about the deal’s affect on jobs, a United Healthcare representative said the contract is subject to regulatory approvals and that the company can’t comment further at this time. However, she claimed that the company views the acquisition as “a growth opportunity.”
Co-founded by Pomfrey in the year of 1978, Syracuse Pomco Group is one of the nation’s greatest benefits administrators for self-funded health and risk management policies.
The company laid off more than 100 employees a year ago after Health Republic of New York, a financially troubled insurer POMCO processed claims for, was compelled to close by state and federal regulators.
In accordance to its website, United Healthcare gives health benefit programs for people, employers, military service members, retirees and their families, and Medicare and Medicaid beneficiaries, and contracts straightly with more than one million physicians and care experts, and 6,000 hospitals and other care facilities nationwide.
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