Blue Cross and Blue Shield of Delaware, Wilmington, signed an agreement to affiliate with Highmark, Pittsburgh. No money will change hands as part of the agreement between the two not-for-profits. The deal will require approval of the Delaware Department of Insurance.
Del. Blues becomes Highmark affiliate
The Delaware Blues plan was an affiliate of CareFirst Blue Cross and Blue Shield, Owings Mills, Md., between March 2000 and September 2006, but ended the affiliation at the order of Delaware's insurance commissioner.
Timothy Constantine, president and CEO of the Delaware plan, will remain in his position, according to a joint news release. And “both companies are committed to keeping substantial employment levels in Delaware and are hopeful that employment levels will actually increase over the long term,” as was experienced by the two companies in previous affiliations, according to a statement from the Delaware Blues.
Highmark reported net income of $188 million on total revenue of $13.69 billion in 2009, according to its annual report. The Delaware Blues plan had revenue of $530 million in 2009. The plan's net income or net loss for the year was unavailable at deadine.
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