HealthMarkets consolidates leadership tied to significant growth and its post reform transformation

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HealthMarkets insurance agency announces several changes in its senior leadership tied to continued growth in its distribution business and a shift to supplemental products in its insurance business.

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The demand among consumers for informed counsel has only increased with the advent of health reform. The changes we announce today strengthen a proven team and position us well to sustain our growth well into the future.

HealthMarkets Insurance Agency today announced several changes in its senior leadership tied to continued growth in its distribution business and a shift to supplemental products in its insurance business. Patrick O’Toole has assumed the position of executive vice president and chief agency officer; Derrick Duke has been appointed executive vice president and chief financial officer; and Rich Bierman is now the company’s executive vice president and general counsel.

Patrick O’Toole comes to HealthMarkets after 20 years with Humana, where he served as a vice president and segment leader. In this role, O’Toole oversaw all retail insurance product sales for Humana-MarketPoint, the nation’s largest multi-channel health insurance individual distribution system, while managing customer acquisition and retention activities across 4,000 employees and 20,000 contracted agents and partners. Humana sold more than 2.7 million policies in 2014 through channels under his leadership.

Prior to joining Humana, O’Toole spent 11 years in the U.S. Army, responsible for the personal safety of some of the country’s most senior leaders. He earned a Bachelor of Science degree from Wayland Baptist University in Plainview, Texas.

Derrick Duke assumes the position of executive vice President and chief financial officer after an 11-year career with HealthMarkets. Duke is a chartered financial analyst with more than 25 years of senior level experience managing insurance company investment portfolios, and also served as an adjunct professor at Dallas Baptist University and a guest lecturer at The University of Texas at Arlington. Duke earned a Bachelor of Business Administration degree from Hardin Simmons University in Abilene, Texas and a Master of Business Administration from The University of Texas at Arlington.

Additionally, Rich Bierman was promoted to executive vice president and general counsel. Bierman has led the legal department for the past three years, previously serving as senior vice president and general counsel, and has been with HealthMarkets since 2004. Prior to HealthMarkets, Bierman was vice president, general counsel and secretary of Connecticut-based HealthMarket Inc., a pioneer in the consumer-directed health plan space, and was in private practice in New York. He holds bachelor’s and juris doctor degrees from the University of Pennsylvania.

“The demand among consumers for informed counsel has only increased with the advent of health reform,” said Ken Fasola, president and CEO of HealthMarkets. “The changes we announce today strengthen a proven team and position us well to sustain our growth well into the future.”

Stay up to date with the latest in ACA developments and health insurance news by visiting the HealthMarkets blog, and find HealthMarkets on Facebook, Twitter, YouTube, LinkedIn and Google+.

About HealthMarkets Insurance Agency
HealthMarkets Insurance Agency, a wholly-owned indirect subsidiary of HealthMarkets, Inc., is the d/b/a or assumed name of Insphere Insurance Solutions, Inc. Authorized in all 50 states and the District of Columbia and representing more than 180 branded insurance companies, HealthMarkets offers consumers a “one-stop” shopping experience for health insurance, combining around-the-clock phone and online assistance with the personal approach of more than 3,000 licensed, local agents nationwide. It is a leading private health insurance marketplace offering multi-channel flexibility for individuals, families and small businesses. For more information, please visit HealthMarkets.com.

Cautionary Statement Related to Forward-Looking Statements
This news release may contain forward-looking statements regarding Insphere Insurance Solutions, Inc., d/b/a HealthMarkets Insurance Agency, and its affiliates. These forward-looking statements are neither historical facts nor assurances of future performance, and are subject to certain risks, uncertainties and assumptions which are difficult to predict and many of which are outside of our control. Such forward-looking statements can be identified by the words "anticipate," "believe," "estimate," "expect," "intend," "objective," "plan," "possible," "potential" and similar expressions. These statements are based on management’s current beliefs, expectations and assumptions, and actual results may vary materially from those included in the forward-looking statements. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them, whether as a result of new information, future developments or otherwise. Readers are cautioned not to place undue reliance on any forward-looking statements made by us.

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Beth Wilkinson
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