Firm’s shareholders OK merger with PacifiCare

Friday, Dec. 3, 2004 | 11:11 a.m.

The shareholders of American Medical Security Group Inc. approved the company's proposed merger with PacifiCare Health Systems Inc.

American Medical Security Group said in a statement Thursday that 61.4 percent of the company's shares voted in favor of the merger.

The Green Bay, Wis.-based company also said the Wisconsin insurance commissioner approved the deal Wednesday.

American Medical Security Group offers health and insurance benefits to small businesses, individuals and families. The company insures about 314,000 people, 4,000 of which reside in Nevada.

PacifiCare insures about 2.3 million people through commercial health plans, 38,900 of which live in Nevada. The Cypress, Calif.-based company insures 693,300 people on its private Medicare plan, Secure Horizons, which offers more benefits than traditional fee-for-service Medicare. In Nevada, there are 25,500 Secure Horizons members.

The pending merger, which is valued at $502 million, is expected to close once the Georgia insurance commissioner approves the deal, which is a requirement since American Medical Security Group has a subsidiary company based there.