Medi Assist to Acquire Paramount TPA, Boosting Market Leadership

Medi Assist Insurance TPA Private Limited (Medi Assist TPA), a subsidiary of Medi Assist Healthcare Services, has signed definitive agreements to acquire Paramount Health Services & Insurance TPA Pvt. Limited (Paramount TPA).

Paramount TPA is a key player in the Third-Party Administrator (TPA) space, owned by Fairfax Asia and the Shah family. This acquisition will strengthen Medi Assist’s position as a leading TPA provider. The deal is subject to customary closing conditions and approval from the Insurance Regulatory and Development Authority of India (IRDAI).

Paramount TPA collaborates with 30 insurers and serves over 3,000 group customers and retail policyholders. With this acquisition, Medi Assist’s market share will increase to 36.6% in the group segment and 23.6% in the health insurance industry based on premiums managed. The acquisition is expected to benefit from Medi Assist’s technology, including AI and machine learning, and extensive provider networks, positioning the combined company as a strategic partner for various insurers, including general, standalone health, and life insurers.

“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 Dr 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 of Medi Assist.

About Fairfax Asia

Fairfax Asia Limited is a subsidiary of Fairfax Financial Holdings Limited, a Canadian company. Fairfax Financial focuses mainly on property and casualty insurance, reinsurance, and investment management through its various subsidiaries.

About Medi Assist Healthcare Services

Medi Assist Healthcare Services, through its subsidiary Medi Assist TPA, offers Third-Party Administrator (TPA) services to insurance companies. As a health benefits administrator, it provides services to employers, self-funded plans, and insurers through a network of healthcare providers worldwide. Additionally, Medi Assist, via its subsidiary Mayfair We Care, delivers TPA services for International Private Medical Insurance (IPMI) in 148 countries.

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