The Michigan Office of Financial and Insurance Services has approved the sale of M-Care, the insurance business of the University of Michigan Health System, to Blue Cross Blue Shield of Michigan.
The deal, announced in September, calls for Detroit-based Blue Cross Blue Shield to pay $240 million. Officials expect the sale to be finalized by the end of December.
The OFIS approval is contingent upon a review by the Michigan attorney general, which is expected by the end of the year. A separate review by the Department of Justice was closed on Nov. 13.
Under the agreement, Blue Cross’ HMO subsidiary, Blue Care Network, will purchase the M-Care HMO plans and the Medicaid business, M-Caid. Blue Cross itself will purchase Michigan Health Insurance Corp., M-Care’s PPO subsidiary.
Topics Michigan
Was this article valuable?
Here are more articles you may enjoy.
Preparing for an AI Native Future 
World’s Growing Civil Unrest Has an Insurance Sting 
State Farm Adjuster’s Opinion Does Not Override Policy Exclusion in MS Sewage Backup 
Insurance Broker Stocks Sink as AI App Sparks Disruption Fears 
