trending Market Intelligence /marketintelligence/en/news-insights/trending/u3K4C7iKZXWzldU8v07pOA2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Avera Health closes acquisition of DAKOTACARE

Infrastructure Issues: Tools to Dig Deep on Potential Risks

Part Two IFRS 9 Blog Series: The Need to Upgrade Analytical Tools

2018 US Property Casualty Insurance Market Report


Fintech Funding Flows To Insurtech In February

Avera Health closes acquisition of DAKOTACARE

Following the approval of the South Dakota Division ofInsurance and the stockholders of SouthDakota State Medical Holding Co. Inc. d/b/a DAKOTACARE, AveraHealth closed theacquisition ofall the outstanding shares of the company Jan. 1, DAKOTACARE said in an annualstatement for the year ended Dec. 31, 2015.

As part of the transaction, all of the class C nonvoting commonstock was redeemed by DAKOTACARE in accordance with a stock redemptionagreement dated Oct. 31, 2011, and 100% of the outstanding class B and class Sstock owned by South Dakota State Medical Association, consisting of 100% ofthe outstanding shares of stock in DAKOTACARE, was purchased by Avera Health.

DAKOTACARE received cash of nearly $24 million, representedby $23 million in surplus notes and a direct capital surplus contribution of$976,363.

At the close of the deal, Avera Health was the soleshareholder of the company and the company's operations of offering insuranceproducts and third-party administrative services continued.