Humana Awarded Contracts Worth $700 M in Puerto Rico (HUM)

Humana Inc. HUM announced today that it has been awarded three contracts with the Puerto Rico Health Insurance Administration to administer medical benefits to approximately 500,000 Medicaid beneficiaries in Puerto Rico. This expands the company’s current Medicaid membership in Puerto Rico by approximately 140,000 individuals. The contracts are effective October 1, 2010 and are for three-year terms. Annual revenues associated with the contracts will approximate $700 million. Humana anticipates expanding its workforce in Puerto Rico by approximately 200 associates given the expansion in its membership.