Health benefits company WellPoint Inc. (NYSE: WLP) has completed its purchase of Amerigroup Corp., a health insurance company.

Amerigroup manages publicly-funded health programs.

Indianapolis-based WellPoint expects the deal to help it serve the Medicaid population more effectively. With the acquisition, the buyer now served 4.5 million state-sponsored healthcare beneficiaries, bringing to the company’s medical enrollment to about 36 million members.

The deals comes during a busy time in insurance M&A. In December, Markel Corp. (NYSE: MKL) agreed to acquire Alterra Capital Holdings Ltd. (Nasdaq: ALTE, BSX: ALTE.BH) for $3.13 billion and Delaware Life Holdings bought Sun Life Financial’s (TSX: SLF, NYSE: SLF) annuity and life insurance business. Terms of the deal were not disclosed.

Financial services industry