Medi Assist, through its subsidiary Medi Assist TPA, has purchased Paramount Health Services and Insurance TPA Pvt. Ltd for ₹311.8 crore. This acquisition is expected to increase Medi Assist TPA’s market share to 36.6% in the group segment and 23.6% in the overall health insurance market.
Paramount Health, owned by Fairfax Asia and Nayan Shah’s family, works with 30 insurers and serves over 3,000 group and retail policyholders. Medi Assist plans to use its technology and AI tools to enhance the combined business, aiming to become a long-term partner for various insurance companies.
Nayan Shah, Managing Director of Paramount, believes this merger will help fulfill the goal of “insurance for all” by 2047. Satish Gidugu, CEO of Medi Assist, sees this as a strategic move to strengthen their market leadership and improve healthcare access.
Medi Assist’s shares dropped slightly by 0.75% to ₹565.75 on the NSE after the announcement.
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