Westwood offers cheaper health care for its employees
Westwood Insurance Group has offered health care coverage for about 2,500 employees, its third such offering since it was created in February 2016, according to the company’s most recent filing with the Securities and Exchange Commission.
The company, which operates two offices in the West Hills area, has about 1,200 employees.
The latest offering comes in the wake of a wave of retirements across the industry, and the rise in the cost of health care.
Westwood said it’s considering other offers.
The last time the company offered health insurance to employees was in March 2018, said Mark DeSantis, Westwood’s president and chief operating officer.
The firm’s employees are eligible for the new insurance through the company.
In the first half of 2018, Westview, which owns Westwood Home Insurance and has its own health care provider, had more than 2,200 people on its coverage.
In March 2018 alone, Westwoods had more that 1,800 people enrolled, including about 700 employees at its West Hills office, according the filing.
Westview also offers health insurance for its corporate offices and other locations in the U.S. and overseas.
For its Westwood offices, the company said it has about 5,400 employees, including approximately 600 at its East Hills office.
For Westwood HealthCare, it has more than 1,600 employees, the filing said.
“We’re excited about the opportunities to expand the coverage of our employees through the expansion of Westwood Care,” DeSantsons said in a statement.
“Westwood is expanding the coverage across all our offices in West Hills, and we expect our team members to benefit from the expanded coverage in the future.”
The company’s latest offer comes a few months after the Securities Exchange Commission approved a $3.5 billion deal with the company to acquire Westwood.
That deal, which is not subject to a regulatory review, is the largest deal in the country for health insurance companies, with more than $2 billion in funding.
The agency approved the transaction on Feb. 17.
West Hills was formed in February, and it’s the first large insurance company to offer health insurance.
It also offers coverage through a subsidiary, Westwind HealthCare.
The deal gives Westwood an additional revenue stream of $500 million annually.
Westwoods said in March that it was working to expand its business in the health insurance industry.
The Westwood healthcare company, known as Westwood, is based in Westwood Hills, Calif.
and has more about Westwood: www.westwoodhealthcare.com.
The Associated Press contributed to this report.