Yesterday, investors that had agreed to acquire Evergreen Health and change its status from a nonprofit co-op to a for-profit insurance company notified the Maryland Insurance Administration that they were not moving forward with the deal. The potential investors were LifeBridge Health, Anne Arundel Health System and JARS Health Investments, a private group.
"The investors said in a joint statement that 'new financial information came to light that raised significant concerns' as they moved toward closing." - The Baltimore Sun
Evergreen had sought investors to shore up its finances. CEO, Dr. Peter Beilenson, has indicated that the company needs an acquisition in order to survive. If it fails, it will leave up to 35,000 Maryland consumers looking for a new insurance carrier for 2018.