HEALTH
From Times Staff and Wire Reports
Provident to Sell Group Medical Business: Provident Life & Accident Insurance Co. of America agreed to sell its unit to Healthsource Inc. for $310 million in cash and stock, the company said. Provident will receive $210 million in cash and $100 million of a new issue of Healthsource preferred stock under an agreement approved by the boards of both companies. Provident said it expects to post a one-time gain of $50 million when the acquisition is completed. Its group medical business will become part of a new Healthsource subsidiary, Healthsource-Provident.
