Pennsylvania Insurance Merger
Independence Blue Cross and Highmark, Inc. announced their intended merger on March 28th. The deal must still receive approval from both the State and federal government. No financial details were disclosed by the two non profits.
The newly formed company will become the third largest health insurer in the U.S. based on revenue generated from premiums. The combined entity hopes to temper rising costs associated with administration during the next two years. Cost savings will result, in part, from increased oversight of drug plans. Over $650 million is earmarked to provide insurance for uninsured state residents.
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March 29, 2007 Related topics: Mergers & Acquisitions