Financial Services Industry
Industry: Email Alert RSS FeedOhio Blue policyholders voting on Columbia deal.(Blue Cross and Blue Shield of Ohio)
National Underwriter Life & Health-Financial Services Edition, August, 1996 by Bell, Allison
Blue Cross and Blue Shield of Ohio policyholders are to vote on the company's proposed $299.5 million sale of assets to Columbia/HCA Healthcare Corp. The deal would give Columbia most of Blue Cross' assets for management through a joint venture controlled by Columbia. The company would reinsure the joint venture's policies and would still service national and federal accounts.
Blue Cross and Blue Shield of Ohio heard good news and bad news last week about its plans to sell most of its assets to a hospital chain.
The good news: Ohio Attorney General Betty Montgomery said she would let policyholders of the Cleveland nonprofit mutual vote on the proposed deal.
The bad news: the Ohio Insurance Department suggested the policyholder vote might be irrelevant....
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