TULSA, Okla., Nov. 1 /PRNewswire/ -- Blue Cross and Blue Shield of Oklahoma has entered an exciting new chapter in its 65-year history with the completion of a merger with Chicago-based Health Care Service Corporation (HCSC). HCSC also operates Blue Cross and Blue Shield Plans in Illinois, Texas and New Mexico.
Today’s closing follows a series of successful steps toward the Oklahoma Plan’s merger with HCSC. Blue Cross and Blue Shield of Oklahoma’s members and HCSC’s policyholders both approved the merger in September. The Oklahoma Insurance Department approved the merger this July in a hearing in Oklahoma City, and last week, state insurance officials in Illinois and Texas approved the merger.
“Since we announced our intention to explore an alliance late last year, our two organizations have learned a great deal about each other,” said Wyndham Kidd, named president of Blue Cross and Blue Shield of Oklahoma last month. “We believe this merger will best serve our members in Oklahoma and HCSC’s members throughout the Southwest and Midwest.”
With the announcement of Kidd’s promotion in October, former Blue Cross and Blue Shield of Oklahoma Chairman, Chief Executive Officer and President Ronald F. King announced his decision to move to the full-time role of director on the HCSC board of directors.
“We’re excited by this unique opportunity to take our organization to the next level,” King said. “The merger will help ensure that Blue Cross and Blue Shield of Oklahoma continues to have the people, resources and flexibility to best serve our members and compete effectively in the 21st century.”
“Our companies share a vision of commitment to our members and service to our community,” Raymond F. McCaskey, CEO of Health Care Service Corporation, said. “In our expansion to Texas and New Mexico, we have demonstrated the value of local management, backed by the financial and organizational strength of a national organization. Because both of our companies are non-investor owned, we can continue that model without diverting resources or attention away from our policyholders.”
Kidd, King and McCaskey noted several factors that prompted the organizations to pursue an alliance. Among them:
* A commitment by both companies to remain non-investor owned * Local solutions to health care financing * The ability to address new competitive demands
Blue Cross and Blue Shield of Oklahoma is the oldest and largest private health insurer in Oklahoma, a member of the Blue Cross and Blue Shield Association, an association of 39 independent Blue Cross and Blue Shield plans.
Health Care Service Corporation is a non-investor owned mutual insurance company that operates through its Blue Cross and Blue Shield divisions in Illinois, Texas and New Mexico, and several subsidiaries to offer a variety of health and life insurance products and related services.
Blue Cross and Blue Shield of Oklahoma
CONTACT: Linda Sponsler of Blue Cross and Blue Shield of Oklahoma,+1-918-592-9401; or Bob Kieckhefer of Health Care Service Corporation,+1-312-653-6629
