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Business and Economy

Health Insurers Harvard Pilgrim, Tufts Agree To Merge

BOSTON - Two of the state's largest health insurers are planning to merge. Harvard Pilgrim Health Care and Tufts Health Plan announced Wednesday they have signed a definitive agreement to form a single nonprofit insurer that would serve nearly 2.4 million customers in Massachusetts, Connecticut, Maine, New Hampshire and Rhode Island.Under the plan, Tom Croswell, president and chief executive of Tufts Health Plan, would serve as CEO of the combined organization, which has yet to be renamed. Harvard Pilgrim's top executive, Michael Carson, will serve as president.

A spokesman for Massachusetts Attorney General Maura Healey says her office has been in touch with both parties and plans to review the proposed transaction.

The insurers say merging will allow them to "keep high-quality health care accessible and affordable."