Paramount TPA collaborates with 30 insurers and services more than 3,000 group customers. Credit: Indypendenz/Shutterstock.

Medi Assist Insurance TPA (Medi Assist TPA), a subsidiary of Medi Assist Healthcare Services, has announced the acquisition of Paramount Health Services & Insurance TPA (Paramount TPA) in a transaction valued at approximately Rs3.11bn ($37.14m) 

In a stock exchange filing, Medi Assist Healthcare Services called Paramount TPA a “prominent” TPA in India, licensed by the Insurance Regulatory and Development Authority of India.  

Currently owned by Fairfax Asia and the Shah family, it has a presence in managing health insurance policies across various segments including group, retail and government.  

The company managed premiums totalling Rs38.66bn for the group and retail segment and reported revenue from operations of Rs1.53bn in the fiscal year 2024 (FY24). 

The acquisition is a strategic move for Medi Assist TPA, enhancing its market share to 36.6% for the group segment and 23.6% for the overall health insurance industry, as measured by premiums managed.  

Paramount TPA collaborates with 30 insurers and services more than 3,000 group customers and numerous retail policyholders. 

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Medi Assist TPA aims to capitalise on this acquisition by integrating its advanced technology and automation capabilities, including AI and machine learning, as well as its provider networks.  

This integration is expected to reinforce the combined entity’s role as a strategic long-term partner to insurers across general, stand-alone health insurers and life insurance sectors. 

Medi Assist Healthcare Services CEO Satish Gidugu said: “This strategic move strengthens our market leadership and aligns with our long-term vision of making quality healthcare accessible and efficient. I welcome the Paramount team to the Medi Assist family and to achieving greater milestones.” 

Paramount TPA MD Nayan Shah said: “Paramount TPA’s 28 years of leadership in the TPA industry stands testament to its success. Our COO, Atman Shah’s leadership has been instrumental in the growth of the business. The coming together of two leading TPAs will go a long way in delivering on the promise of insurance for all by 2047.” 

The completion of this acquisition is anticipated within four to six months by the end of FY25, pending regulatory approvals and the finalisation of standard closing procedures.  

This acquisition follows Medi Assist TPA’s previous takeovers of Raksha TPA and Medvantage TPA in 2023.