Numerous insurers nationwide are being acquired or merging, including licensed companies doing business here in Washington State. The Office of the Insurance Commissioner (OIC) is closely monitoring these transactions to ensure that the financial condition of the companies is sound and consumers are protected.
BCBSNC affiliation with Cambia Health Solutions
Blue Cross Blue Shield of North Carolina (BCBSNC) filed an application for acquisition of control of Cambia Health Solutions (Cambia).
The Cambia board of directors would change under the affiliation agreement with addition of members from BCBSNC to that board. Cambia would retain control of Regence BlueShield, Asuris Health Northwest, and Commencement Bay Risk Management. The Cambia Washington companies provide health care and stop loss coverages through the state.
We established the review process under a case management order to determine the fairness of the transaction and hear any objections to this proposed acquisition.
The application remains under review and no hearing has been set.
Information about the case management order can be found in the Administrative Hearings website under Cambia Health BCBSNC -Docket No 19-0216
Centene acquisition and merger of WellCare
Centene Corporation (Centene) filed an application for the acquisition and merger of WellCare Health Plans, Inc. (WellCare) on May 2, 2019. WellCare is the ultimate controlling person of WellCare Health Insurance Company of Washington, Inc., and WellCare of Washington, Inc. Both WellCare Washington companies were recently formed as a Washington domestic disability insurer and a health maintenance organization during March 2019.
The Centene-WellCare merger is also under review by the Federal Trade Commission under the Hart-Scott-Rodino Act. No determination has been made at this time.
We have established the review process under a case management order to determine the fairness of the transaction and hear any objections to this proposed acquisition.
The presiding officer has set an adjudicative hearing date of July 30, 2019, at 9:00 am under the Notice of Hearing posted on the Insurance Commissioner's website.
Information about the Notice of Hearing, case management order, and acquisition filings can be found in the Administrative Hearing website under WellCare Health Plans Centene - Docket No 19-0250