Starmark - Visitor - Trustmark to Sell Equity Stake in Private Healthcare Systems to MultiPlan

Trustmark to Sell Equity Stake in Private Healthcare Systems to MultiPlan

LAKE FOREST, Ill., Aug. 31, 2006 — Trustmark Mutual Holding Co. (Trustmark), a national provider of group medical plans, voluntary benefits and health plan administration services, today announced its decision to sell its equity interest in Private Healthcare Systems, Inc. (PHCS) to MultiPlan, Inc., a leading medical network leasing company. The transaction supports Trustmark’s commitment to providing competitive group medical products to its fully insured and self-funded clients. Financial terms were not disclosed.

"Our clients, many of whom have multiple locations across the country, count on us to provide superior national access to healthcare and help them proactively manage rising costs," said David M. McDonough, Trustmark’s Chief Executive Officer. "MultiPlan’s size and specialized expertise add strengths that complement those of PHCS and enable us to further enhance the products and services we provide for our group health customers."

Trustmark, Assurant Health and The Guardian Life Insurance Company of America established PHCS in 1985 to develop a national managed care network. Since then, PHCS has grown into the largest independent primary PPO network in the country, contracting with nearly 450,000 providers and serving over 16 million health plan members. The three companies have agreed to sell their interests, and MultiPlan will become full owner of PHCS.

Trustmark has entered into a long-term network access agreement with PHCS and will continue to offer PHCS as a national and regional PPO network solution to health plan members and plan participants of its Affinity Markets, CoreSource, Individual Medical, Starmark, Trustmark Group Insurance and Trustmark Group Select subsidiaries and operating divisions. The company expects the ownership change will be seamless to its customers who use the PHCS network.

About Trustmark
Trustmark Mutual Holding Company, through its subsidiaries, is licensed nationwide to offer a broad line of life, medical, managed care, dental, disability, critical illness and benefit administration products and services to groups and individuals. Subsidiaries and operating divisions include Trustmark Insurance Company, Trustmark Life Insurance Company, CoreSource, Starmark, Trustmark Group Insurance, Trustmark Group Select, Trustmark Affinity Markets and Trustmark Voluntary Benefit Solutions. Trustmark Mutual Holding Company has assets of more than $1.9 billion and administers more than $3 billion in health and life benefits annually. Additional information can be found at www.trustmarkcompanies.com.

About MultiPlan
For 35 years, MultiPlan has helped healthcare payers and providers partner together to combat rising healthcare costs. MultiPlan serves as a single gateway to a host of primary, complementary and out-of-network strategies for managing the financial risks associated with healthcare claims. Clients include large and mid-size insurers, third-party administrators, self-funded plans, HMOs and other entities that pay claims on behalf of health plans. For more information, www.multiplan.com.

[back to list]