Guam partners in TakeCare are (back row from left) rear Mary Torre; Augusto Sablan; and Alicia Iseke; and (front row from left) Joseph Husslein and Donald Fetherman.
The soon-to be-renamed PacifiCare Asia Pacific will be locally owned by five partners. They are part of the current management of the company who have teamed up to continue providing access to health services for local individuals and their families.
The partners include Joseph Husslein who will continue to serve as president and chief executive officer; Donald Fetherman as the company’s chief financial officer; and the three senior vice presidents: Augusto Sablan Mary Torre and Alicia Iseke. According to a July 28 announcement from the corporate company based out of California PacifiCare made the decision to transition all of its Asia Pacific operations to local owners in order to focus on opportunities with the new Medicare Part D and the growth of its individual and small group business on the U.S. mainland.
Husslein told the Journal “The reason for the sale is that PacifiCare Asia Pacific always was a unique market for the corporate owners. The corporation really looked at Asia as not fitting into the national strategy. They wanted to concentrate more on the national side of things on long-term plans and so they felt best to divest.”
The new company will be called TakeCare Health Systems LLP.
The agreement between the parent company and the new vested owners was made on July 29 to acquire all of the shares and assets on Guam Saipan and Palau. The local partners will continue to carry out the day-to-day operations with additional management duties as owners.
The managing partners all have different levels of ownership but would not disclose the exact shares each has with TakeCare. Completion of all normal closing conditions should be finished by Sept. 30. Torre added that no partner has more than 50% plus 1% shares.
Providing additional financial support is Century Insurance Co. a subsidiary of Tan Holdings Corp. which is an equity investor and a shareholder.
In addition to providing major financial backing of the acquisition Husslein said Tan Holdings Corp. which ensured continuity to the region similar to the new owners’ vision.
“Through this transfer of ownership a locally owned consumer health organization allows decisions regarding health-care policies to be made by individuals who live in the community and are most familiar with the unique needs of the region’s families and communities ” Sablan said.
As PacifiCare and TakeCare work through the transition in an effort to ensure that members have uninterrupted health insurance coverage and health care services all decisions regarding health policies and services will be made by the local owners. All 300 of the company’s employees 170 of who are professionals will be retained at comparable salaries and benefits officials said. MBJ