Medi Assist to acquire Paramount Health from Fairfax Asia, Nayan Shah and family at Rs 312 cr enterprise value

With the acquisition of Paramount TPA, Medi Assist TPA's market share will grow to 36.6 percent for the group segment and 23.6 percent of the health insurance industry, by premiums managed

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Medi Assist Healthcare Services, which offers third-party administration services to insurance firms, said on August 26 it will fully acquire Paramount Health Services & Insurance TPA at an enterprise value of Rs 311.8 crore, making this the one of the largest TPA deals in India.

Medi Assist Insurance TPA, a wholly-owned subsidiary of Medi Assist Healthcare Services, has inked the agreement to acquire the Mumbai-based Paramount from its owners Fairfax Asia and Nayan Shah & family, according to a statement.

With the acquisition of Paramount TPA, which is subject to regulatory (Irdai) approvals, Medi Assist TPA's market share will grow to 36.6 percent for the group segment and 23.6 percent of the health insurance industry, by premiums managed, the company said.

Paramount TPA works with 30 insurers and over 3,000 group customers and retail policyholders.

"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," Medi Assist CEO Satish Gidugu said.

Paramount TPA MD Nayan Shah said the coming together of two leading TPAs will go a long way in delivering on the promise of insurance for all by 2047.