Universal American was a Fortune 500[2] company with offices throughout the United States, and headquarters in Rye Brook, New York. The company offered health insurance, and also deals in Medicare managed care plans, and Medicare prescription drug benefits. Its CEO is Richard A. Barasch.
History
The company was incorporated as a stock health insurance company on September 22, 1945, under the name American Progressive Health Insurance Company of New York.[3] In 1991, Richard Barasch was elected to chairman of the board and chief executive officer.
In 1998 Universal American Financial Corporation (Universal American) agreed to a Share Purchase Agreement with Capital Z Financial Services, a NYC based Private Equity Firm. Capital Z acquired approximately a 59.7% controlling interest in the company for approximately $81 million.[4]