Friday August 11, 5:06 pm Eastern Time
RYE BROOK, N.Y.--(BUSINESS WIRE)--Aug. 11,
2000--Universal American Financial Corp. (NASDAQ National Market: UHCO) (``Universal'')
today announced that it has acquired privately held Capitated Health Care
Services, Inc. (``CHCS''), a leading provider of underwriting and case
management services to the long-term care industry. It is anticipated that CHCS
will operate as a separate unit of Universal. Terms were not disclosed.
Richard Barasch, Chairman and CEO of
Universal, commented, ``The acquisition of CHCS will allow us to continue to
expand our presence in the Senior Market in a cost-effective manner and enhance
our ability to achieve cost/quality outcomes. Moreover, it provides Universal
with a seasoned group of industry professionals to administer our growing
portfolio of Senior Market products.''
Universal American Financial Corp. offers
life and supplemental health insurance for senior citizens and customized
insurance programs for market niches.
Except for the historical information
contained above, this document may contain some forward looking statements,
including statements related to 2000 operating results, which involve a number
of risks and uncertainties that could cause actual results to differ
materially. These risk factors are listed from time to time in the Company's
SEC reports.
Contact:
Universal American Financial Corp., Rye Brook Robert A. Waegelein, 914/934-8820 Senior Vice President & Chief Financial Officer or Investor Relations Counsel: The Equity Group Inc., New York Devin Sullivan, 212/836-9608www.theequitygroup.com