Florida Blue Files to Form a Not-for Profit Mutual Insurance Holding Company
New structure provides flexibility, supports transition to health solutions company
JACKSONVILLE, Fla., June 11, 2013 /PRNewswire/ -- Florida Blue, Florida's Blue Cross and Blue Shield Company, has filed a request with the Florida Office of Insurance Regulation (OIR) to organize under a policyholder-owned, not-for-profit mutual insurance holding company (MIHC) system. This structure provides Florida Blue important flexibility in today's rapidly changing health care environment and better enables the company to achieve the strategic objective of transforming into a health solutions company. Florida Blue's mission and vision will remain focused on assisting the people of Florida to achieve better health by increasing access to health care, bolstering affordability, and ensuring the delivery of quality care throughout the community.
"The unprecedented change that the health insurance and health care delivery industries are undergoing creates unique opportunities for Florida Blue to extend our leadership position to provide comprehensive health care solutions for our customers and the communities we serve," said Patrick J. Geraghty, chief executive officer, Florida Blue. "We believe the MIHC structure will help us better fulfill our mission over the long term, deliver sustained value to our customers and compete in a rapidly changing environment."
The transition to an MIHC will not drive any changes to Florida Blue's member health care benefits, its physician and hospital networks, and the partnerships it has in place with medical providers to improve health care quality.
Under the plan that has been filed with the OIR, Florida Blue will be organized under an MIHC system and will continue to fulfill its not-for-profit mission. The MIHC will be owned by Florida Blue's policyholders and Florida Blue will continue to deliver health solutions as a subsidiary of the MIHC.
Florida Blue's Board of Directors has approved the plan of reorganization, and OIR is expected to provide its decision after a public hearing to be held in the coming weeks. Based on this decision, Florida Blue's policyholders will also be asked to approve the proposed structure.
About Florida Blue
Florida Blue, Florida's Blue Cross and Blue Shield company, is a leader in Florida's health care industry. Our mission is to help people and communities achieve better health. Florida Blue has approximately 4 million health care members and serves 15.5 million people in 16 states through its affiliated companies. Florida Blue is a not-for- profit, policyholder-owned, tax-paying mutual company. Headquartered in Jacksonville, Fla., it is an independent licensee of the Blue Cross and Blue Shield Association, an association of independent Blue Cross and Blue Shield companies. For more information, visit www.FloridaBlue.com.
SOURCE Florida Blue
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