The companies said Monday they entered into an agreement under which Avesis CEO Alan Cohn would step down from his role but remain with the company as a business development and strategy consultant. Chris Swanker, Guardian’s vice president of group and worksite markets, will become CEO after the deal closes.
Avesis oversees benefits for 3 million people insured under Medicaid, the Children’s Health Insurance Program and Medicare Advantage and has partnerships with managed care organizations that contract with governments in 21 states. It employs 440 people between its headquarters and an operational center in Phoenix, Arizona.
Guardian, based in New York, provides life insurance, disability income insurance and workplace benefits including dental, vision and retirement plans for businesses.
The sale is subject to regulatory review and other closing conditions, the companies said.