As the Puerto Rican licensee of the Blue Cross Blue Shield coverage manufacturer, Triple S Administration Corp. seems like a pure merger in good shape for GuideWell Mutual Keeping Corp., guardian of Florida Blue.
On the other hand, Triple S stated the shared branding was not the impetus for the $900 million merger agreement declared very last week.
“Blue program consolidation was not the driver for this transaction. The transaction was pushed by what we consider we can carry out together by way of collaboration,” publicly traded Triple S reported in an FAQ (often questioned issues) posted in a Securities and Trade Commission submitting.
Jacksonville-dependent GuideWell is a not-for-earnings mutual holding enterprise. Its principal small business is procedure of Florida Blue, one of 35 independent Blue Cross Blue Defend well being insurance coverage firms.
Even so, the corporation has been expanding in the earlier decade outside of its main mission of insuring Floridians.
“To reimagine wellbeing treatment, enhance accessibility and make more healthy communities for our customers, we have taken methods to diversify and mature our organization, both vertically as a Florida-focused insurance company and horizontally as a wellness methods enterprise with an ever more nationwide footprint,” GuideWell stated in an FAQ despatched to staff members previous week.
“That diversification has taken us from an $8 billion organization in 2011 to a $20 billion corporation in 2020,” it stated.
Triple S described $3.7 billion in 2020 earnings.
“Florida Blue and Triple S have complementary capabilities, cultures and skills,” GuideWell CEO