CHICAGO, April 4, 2019 /PRNewswire/ -- Clear Spring Health ("CSH") is pleased to announce an agreement in principle to acquire and re-capitalize Community Care Alliance of Illinois, NFP ("CCAI") out of rehabilitation. Once completed, this proposed agreement will ensure continuing coverage and service to all CCAI policyholders.
CSH is committed to a seamless ownership transition, ensuring members will be able to continue seeing their providers and specialists as normal and without disruption. Additionally, there will be no change in medical or prescription drug coverage and members can continue to fill prescriptions at participating pharmacies.
The proposed transaction will further CSH's mission to provide superior service through innovative technology and steadfast commitment to its customers. CSH's ultimate parent company, Group1001 has a proven track record of building profitable insurance companies that offer forward-thinking insurance products that are more useful, intuitive, and accessible for everyone.
"Bringing CCAI into our family of insurance brands is another milestone in our growth strategy, which looks to bring innovation into the marketplace with intuitive products that empower our customers and our communities. Ensuring continued service with a smooth transition is our priority," said Arthur Carlos, President & CEO of Clear Spring Health.
Under the proposed agreement, CCAI will continue to operate out of its current location.
The transaction is pending approval with Illinois regulators and the supervising Circuit Court. Under an Agreed Order of Rehabilitation against CCAI, Robert H. Muriel, Acting Director of the Illinois Department of Insurance, was affirmed as statutory and court-affirmed rehabilitator ("Illinois Department of Insurance") of CCAI and its parent Family Health Network.
About Clear Spring Health
Clear Spring Health is dedicated to helping seniors protect their health and well-being by providing Medicare Advantage plans in select counties of Colorado, Illinois, North Carolina, and Virginia, plus Georgia and South Carolina through our affiliate, Eon Health (redirects to Eon).
Clear Spring Health is part of Group1001, a customer-centric insurance group whose mission is to make insurance more useful, intuitive, and accessible so that everyone feels empowered to achieve financial security.
Group One Thousand One, LLC ("Group1001") is an insurance holding company in the United States, with current combined assets under management of approximately $36 billion as of September 30, 2018, and a mission to make insurance and retirement products more useful, intuitive, and accessible so everyone can get the most value from their money.
For more information about Group1001, please visit Group1001.com.