Florida Blue Cross Taps Puerto Rico Market And Beyond With Deal’s Close
GuideWell Mutual Holding Corp., dad or mum of Blue Cross and Blue Protect of Florida has accomplished its … [+]
GuideWell Firm picture
The dad or mum of Blue Cross and Blue Protect of Florida has accomplished its $900 million buy of Puerto Rico’s Triple-S Management, broadening its attain into a number of new markets.
GuideWell Mutual Holding Company, dad or mum of Florida Blue, has acquired all of the excellent shares of Triple-S Administration frequent inventory for $36 per share in money, in response to phrases of the deal, which closed Tuesday.
GuideWell, a mutual insurer owned by policyholders, is without doubt one of the nation’s largest well being plans now with greater than 46 million clients in 45 states and consists of Florida Blue, which has greater than 5 million well being plan members in all 67 of the state’s counties.
The deal comes because the medical health insurance trade as soon as once more appears poised for a wave of consolidation with reports that Centene, a nationwide supplier of government-subsidized well being advantages, has been in talks with established bigger well being insurers like Cigna. And giants like UnitedHealth Group, which owns the well being insurer UnitedHealthcare and the Optum well being providers enterprise, and CVS Well being, the dad or mum of well being insurer Aetna, aren’t ruling out rising by way of extra acquisitions, in response to current statements their executives have made at investor conferences.
In GuideWell’s case, Triple-S opens the door to extra growth in U.S. territories and past and allows the mixed firm to develop industrial well being protection in addition to non-public Medicare Benefit and Medicaid. Triple-S brings to GuideWell greater than 1 million clients in Puerto Rico and the rights to make use of the Blue Cross Blue Protect title all through Puerto Rico, the U.S. Virgin Islands, Costa Rica, the British Virgin Islands and Anguilla.
“With the acquisition of Triple-S, we count on to mix their group’s data and experience with our personal to reinforce entry, high quality, and the affordability of well being look after the stakeholders of each firms,” Pat Geraghty, the president and chief govt officer of each GuideWell and Florida Blue stated. “The mix will end in a well-diversified trade chief, strongly positioned to compete successfully, and make investments considerably to speed up our methods and drive improved well being outcomes for the good thing about our various populations.”
Extra phrases of the transaction contain “$1.25 million in donations to Hispanic nonprofits in Orlando and Puerto Rico,” Florida Blue stated in an announcement.
