Health insurer Centene completes sale of New Jersey assets to rival Amerigroup Co.

Insurer Centene sells assets to Amerigroup NJ

WASHINGTON — Health insurer Centene Corp. said Monday that it has completed the sale of the Medicaid assets of its New Jersey subsidiary, University Health Plans, to Amerigroup New Jersey Inc.

The sale was announced in November 2008, but Amerigroup sought to scuttle the deal a month later, citing a “material change” in the subsidiary’s business.

Centene sued Amerigroup in January 2009, arguing the company didn’t have cause to stop the sale. The two companies settled the dispute in October.

St. Louis-based Centene, which mostly enrolls members in Medicaid programs, said last month that its fourth-quarter profit rose 11 percent.

The company’s shares rose 26 cents to $18.13 in afternoon trading.