Article 16 $685M paid for sunrise health insurer

Broward-based Vista Healthplans is being sold to Conventry Health Care for $685M,the two companies announced Tuesday. The big winner Physician entrepreneur Steven M. Scott, who purchased five money losing Florida insurers, most of them in 2001 and 2001 and converted them into Vista. In an interview at his Sunrise office Scott estimated he spent $150m on purchasing and improving the plans making his profit more than $500 million. Vista serves about 295,000 members and generates revenue of about $1.2billion a year. The all cash deal is expected to close in 90 to 180 days, depending on approval of state insurance regulators.