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Clover Health is going public in a deal worth over $3 billion

October 8, 2020

Clover Health is going public in a $3.7 billion blank check deal.
And the insurtech is setting itself up as a force to be reckoned with in the Medicare Advantage space.
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The insurtech is set to go public via a “blank check” deal worth $3.7 billion through which it’ll merge with a special purpose acquisition company (SPAC), per MedCity News.

The number of medicare advantage plans that beneficiaries can choose from is rising

Clover Health goes public with $3.7 billion deal.

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For context, startups use SPACs as an avenue to the public market for a few reasons: These deals are often quicker due to a streamlined negotiation process and can be safer during periods of market volatility—which we’re seeing amid the pandemic—because they’re not contingent

Clover Health laid out ambitious growth plans as part of its $3.7 billion deal, but they rely on an untested new Medicare experiment

October 6, 2020

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Clover Health president and chief technology officer Andrew Toy
Clover Health

The Social Capital SPAC led by billionaire Chamath Palihapitiya is acquiring Clover Health in a $3.7 billion deal that’ll take the health insurance company public.
In 2021, Palihapitiya projects the company will grow its membership roughly five times what it was this year.
Clover Health president and chief technology officer Andrew Toy said that projected growth largely comes from the potential participation in a new Medicare program that’s yet to be finalized.
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Social Capital’s Chamath Palihapitiya is looking to acquire the health insurance company Clover Health via a SPAC.

The special-purpose acquisition company Social Capital Hedosophia Holdings Corp. III will merge with Clover in a $3.7 billion transaction that’s slated to close in 2021, the companies said in a statement.

Clover offers private health-insurance plans

Medicare Advantage startup Clover Health to go public

October 6, 2020

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Medicare Advantage startup Clover Health is slated to become public through a merger with Social Capital Hedosophia Holdings Corp. III, a special purpose acquisition company, Clover said Tuesday.

The deal values Clover at $3.7 billion. Clover’s management team, including CEO Vivek Garipalli and President Andrew Toy, will continue to lead Clover following the transaction, which is expected to close in the first quarter of 2021.

Chamath Palihapitiya, founder and CEO of Social Capital Hedosophia, will act as a senior advisor to the Clover’s management team. Social Capital Hedosophia is a partnership between investment firms Social Capital and Hedosophia.

The deal is expected to deliver up to $1.2 billion of gross proceeds, including up to $828 million of cash. Clover will receive up to $728 million of the transaction proceeds, and up to $500 million of cash proceeds will be allocated to existing Clover shareholders, according to a news announcement.

Clover,

Clover Health, a Next-Generation Medicare Advantage Insurer, Announces Plans to Become Publicly-traded via Merger with Social Capital Hedosophia

October 6, 2020

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Clover is a next-generation Medicare Advantage insurance company offering best-in-class plans that combine wide access to healthcare and rich supplemental benefits with low out-of-pocket expenses
A unique model in health insurance, Clover partners with primary care physicians using its software platform, the Clover Assistant, to deliver data-driven, personalized insights at the point of care
The transaction is expected to fuel Clover’s trajectory as one of the nation’s fastest growing Medicare Advantage plans
Transaction values Clover at an enterprise value of $3.7 billion and is expected to provide up to $1.2 billion in cash proceeds, including a fully committed PIPE of $400 million and up to $828 million of cash held in the trust account of Social Capital Hedosophia Holdings Corp. III (“SCH”)
PIPE led by $100 million from Chamath Palihapitiya, Founder and CEO of SCH, and $50 million from Hedosophia, as well as commitments from Fidelity Management & Research Company,

Walmart’s Next Health Foray Is Medicare Plan With Startup Clover

October 1, 2020

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(Bloomberg) — Walmart Inc. will make its first foray into the fast-growing market for privately managed Medicare Advantage plans next year with two products for Georgia seniors jointly branded with insurance startup Clover Health.

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The plans will give seniors access to new Walmart Health centers that the retail giant is testing in stores outside Atlanta. Those clinics and other providers in the plan will use Clover’s technology to track patients’ health and improve care, the companies said Thursday.

Walmart’s health-care strategy has been closely watched, and the retail giant is seen as a potential threat to established providers and insurers. The Georgia offering will make Walmart a player in the Medicare Advantage program, a lucrative market dominated by UnitedHealth Group Inc., Humana Inc., CVS Health Corp.’s Aetna unit, and BlueCross BlueShield branded plans, some of which are also expanding their offerings.

More than a third of Medicare beneficiaries

Clover Health to Launch Medicare Advantage Plans in Partnership with Walmart

October 1, 2020

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SAN FRANCISCO, Oct. 1, 2020 /PRNewswire/ — Today, Clover Health announced a new partnership with Walmart to combine Walmart’s philosophy of helping people save money by living better – and healthier – lives, with Clover’s benefit-rich Medicare Advantage plans. The new plans calledLiveHealthy: Clover Powered, Walmart Enhanced (PPO), and LiveHealthy LI: Clover Powered, Walmart Enhanced (PPO) will be available to half a million Medicare-eligibles in eight Georgia counties, including Bartow, Bibb, Cherokee, Cobb, Gwinnett, Henry, Paulding, and Rockdale.

“The Walmart brand is synonymous with the best value and low prices, and that’s exactly what we’re doing at Clover,” said Andrew Toy, President and CTO of Clover Health. “By offering affordable insurance plans with an open network of doctors and hospitals, we are democratizing high-quality care and bringing it to individuals and communities that have previously been overlooked by

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