OLYMPIA, Wash. – Insurance Commissioner Mike Kreidler today officially approved Kaiser Foundation Health Plan’s $1.8 billion acquisition of Group Health Cooperative (PDF, 487KB).
“After an extensive and thorough review by my office, it’s clear that Kaiser met all of the legal requirements necessary for approval,” Kreidler said. “I’m satisfied Washington state will retain a competitive health insurance market.“
Kaiser filed its formal application to acquire Group Health with Kreidler’s office in March 2016 after Group Health’s voting members approved advancing the proposed acquisition. Prior to today’s decision, Kreidler reviewed numerous public comments, including those taken at three public hearings last year in Tacoma, Seattle and Spokane.
The commissioner also heard additional evidence about the proposal and his staff’s recommendation at a hearing Jan. 3 at his office in Tumwater.
“This acquisition is a significant change for the health insurance market in our state,” Kreidler said. “I trust that Kaiser and Group Health will honor their commitment to improve service for consumers.”
