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Medical professional insurers Raleigh, North Carolina-based Curi Holdings Inc. and Minneapolis-based Constellation Inc. have agreed to merge, the companies said Wednesday.
Terms of the agreement were not disclosed.
The insurers said the combined organization will have more than $2 billion of consolidated assets and serve more than 50,000 physicians, health care providers and organizations across the United States.
The combination will result in minimal geographic overlap between the two companies, the statement said.
Constellation president and CEO Ryan Crawford will become CEO of the merged insurance businesses and Jason Sandner will remain Curi CEO. The 10 directors on each companies’ board will join to equally represent the merged organization.
The merger is expected to close during this year’s second half, subject to regulatory and member approvals, the statement said.