ParetoHealth Announces $1B in Stop-Loss Under Management
PHILADELPHIA, January 26, 2023 (Newswire.com) - ParetoHealth today announced that the company's total stop-loss premium under management has surpassed $1B. With this increase, representing a 36% year-over-year growth rate, the company's innovative, multi-year solution to the problem of rising healthcare costs becomes even more robust. The addition of each new captive member strengthens the program and increases cost savings for participating employers.
"We are in a unique climate where employers face economic uncertainty and rising inflation while simultaneously operating in a competitive labor market. Employers need a benefits platform that allows them to attract and retain talent with world-class benefits while also reducing costs," said Andrew Cavenagh, CEO of ParetoHealth. "Our continued success is not our success alone, as our team has done it in conjunction with our captive members, consultants, stop loss partners, and all the other companies that are part of the ParetoHealth ecosystem."
The company first announced this news on its LinkedIn page, saying, "We are dedicated to our continuing mission of reimagining risk management, allowing employers who have chosen ParetoHealth to provide exceptional benefits while controlling costs."
Andrew Clayton, President of ParetoHealth, said, "This has been a collective effort, and everyone involved should feel proud of what they've accomplished. Each employer who believed in us during our early days, our partners at the carriers, and each consultant who has worked with us has been immensely valuable. When we work together, anything is possible."
Founded in 2011, ParetoHealth has grown to be the largest health benefits captive manager in the United States. More than 2,200 employer groups comprising over 760,000 covered lives participate in a ParetoHealth program.