Startup insurer Bright Health files to go public

Startup insurer Bright Health is the latest young healthcare company to go public.

Bright Health filed its plans for an initial public offering with the Securities and Exchange Commission this week. The insurer intends to list on the New York Stock Exchange and trade under the ticker "BHG."

The filing does not include details on a planned stock price or listing date as of yet. JPMorgan, Goldman Sachs & Co. LLC, Morgan Stanley and Barclays are acting as the leading book-running managers for the IPO, the insurer said in an announcement.

BofA Securities, Citigroup and Piper Sandler are acting as additional bookrunners, Bright Health said.

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In its filing, Bright Health boasted $1.2 billion in revenue for 2020 and approximately 623,000 members in its commercial and Medicare Advantage plans. The insurer operates in 99 markets across 14 states.

Bright Health joins fellow startup health plans Oscar Health and Clover Health in going public this year.

"Through our aligned model of care, Bright Health is working to democratize access to healthcare," Bright Health said in the filing.

"Rather than addressing only a specific segment of the market, such as health insurance, primary care delivery, or tech-enablement, our holistic approach gives us durability through enhanced consumer engagement," the company said. "We believe we are well-positioned to transform healthcare through multiple channels that enable us to influence and optimize a consumer’s experience throughout their healthcare journey."