Pharma Investments, Ventures & Law Weekly
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Pennsylvania Department of Insurance
Insurance Commissioner Welcomes Withdrawal of Proposed IBC/Highmark Consolidation
February 8th, 2009
Pennsylvania Insurance Commissioner Joel Ario today welcomed the Jan. 21 decision by Independence Blue Cross (IBC) and Highmark to withdraw their proposed consolidation. Ario praised the insurers as "quality companies with extraordinary track records in serving Pennsylvania consumers" and pledged to work cooperatively with them to "pursue the broader health reforms necessary to resolve the health care crisis." "Bigger is not always better -- and in this case, bigger would have been bad for consumers," said Ario. "We were prepared to disapprove this transaction because it would have lessened competition and disadvantaged providers to the detriment of...
Source: Pharma Investments, Ventures & Law Weekly (2009-02-08)
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