The Michigan Office of Financial and Insurance Services last Friday 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.
___
On the Net:
Blue Cross Blue Shield of Michigan: http://www.bcbsm.com
University of Michigan Health System: http://www.med.umich.edu
Topics Michigan
Was this article valuable?
Here are more articles you may enjoy.
Willis Re Jumpstarts US Expansion With Buy of BMS Re, US 
Progressive Boosts Exposure With Football Field Logos at 13 Universities 
Death of Irish Teens in Crash Prompts Social Media Warning 
General Contractor Found Not Liable for Subcontractor Employee’s Injury 
