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A joint venture between Amazon, Berkshire and JP Morgan.

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Amazon.com Inc, Berkshire Hathaway Inc, and JPMorgan Chase & Co’s healthcare joint venture said Monday that it would no longer exist at the end of February.

The move will occur three years after the two companies have come together to form Haven to address rising health care costs in the United States.

The company announced in May last year that Atul Gawande, a surgeon and author at Harvard University, will resign to serve as chairman.

The announcement of the company’s establishment has shaken shares in health insurance companies such as UnitedHealth Group Inc and Cigna Corp, which manage the benefits of large corporations, fearing that Amazon will disrupt traditional insurance and drug benefit businesses.

CNBC, which first reported the dissolution of Haven, also reported that many of the 57 workers in a Boston-based company are expected to be stationed at Amazon, Berkshire Hathaway, or JPMorgan Chase.

© Thomson Reuters 2021

A joint venture between Amazon, Berkshire and JP Morgan.

https://financialpost.com/technology/amazon-berkshire-jpmorgan-joint-venture-that-once-rattled-healthcare-stocks-to-shut-down-next-month A joint venture between Amazon, Berkshire and JP Morgan.

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