CHICAGO, Oct. 11 /PRNewswire/ -- Fort Dearborn Life Insurance Company (Fort Dearborn), a wholly owned subsidiary of Health Care Service Corporation (HCSC), a Mutual Legal Reserve Company, and Blue Cross & Blue Shield of Vermont have agreed that Fort Dearborn shall acquire one hundred percent (100%) of the Membership Interest of Combined Services, Limited Liability Company (Combined Services). It is anticipated that this acquisition will be completed by December 31, 2004.
Combined Services, a general insurance agency owned by Blue Cross and Blue Shield of Vermont, operates extensive broker distribution networks in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont. Its headquarters is located in Concord, New Hampshire. This transaction includes a marketing agreement naming Combined Services as the exclusive provider of ancillary products to Blue Cross and Blue Shield of Vermont and its distribution network for an initial term of five years.
Larry Newsom, President and CEO of Fort Dearborn stated, "I am enthusiastic about enhancing our relationship with Blue Cross and Blue Shield of Vermont. The acquisition of Combined Services will further expand Fort Dearborn's presence in New England by providing access to an expansive network of producers and sales opportunities in conjunction with Combined Services' other insurance carriers and service providers. Combined Services will continue to provide the diverse selection of high quality products and services that the New England insurance community is accustomed to receiving."
Brian Francis, President and CEO of Combined Services added, "The acquisition of Combined Services by Fort Dearborn is a logical continuation of a mutually successful business relationship that has spanned more than 15 years. Fort Dearborn's ownership will directly link Combined Services to Fort Dearborn's strategic growth plans for the New England marketplace. Fort Dearborn shares Combined Services' commitment to offering a broad array of products through our strategic alliance partners including Northeast Delta Dental, Blue Cross and Blue Shield of Vermont and Blue Cross and Blue Shield of Rhode Island."
Fort Dearborn's products are distributed in partnership with numerous Blue Cross and Blue Shield Plans nationwide.
With a comprehensive portfolio of group and voluntary insurance and annuity products, Fort Dearborn and its wholly owned subsidiary, Medical Life Insurance Company, combined have more than $1.5 billion in assets and $115 billion in life insurance in-force. Fort Dearborn Life is rated "A" (Excellent) by the A.M. Best Company for its financial strength, operating performance and market profile and is rated "A" (Strong) by Standard's & Poor's for its financial strength.
Blue Cross and Blue Shield of IllinoisCONTACT: Philip Goss, Chief Financial Officer of Fort Dearborn LifeInsurance Company, +1-630-824-5360
Web site: http://www.bcbsil.com/