Norwalk insurance innovator to combine with TX firm

Aug. 22--Remedy Partners, a Norwalk company that has grown rapidly offering an alternative health insurance product under the auspices of Obamacare, is combining with a Dallas company that covers doctor's visits to homes, nursing homes and other settings as an alternative to patients traveling to clinics.

Remedy and Signify Health did not reveal financial terms of the merger, with Remedy having previously reported raising nearly $100 million in funding from private investors. Both companies backed by New York City-based New Mountain Capital, with the combined entity to be led by Signify CEO Kyle Armbrester.

Remedy was founded in 2011 by Steve Wiggins, who created Oxford Health Plans owned today by United Healthcare.

Remedy creates insurance plans of limited duration to cover specific "episodes of care" in its words, in which physicians lay out a planned path to cure a patient of an ailment. The concept gained traction after the federal government set aside supporting funding under the Affordable Care Act of 2010.

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