Anthem board OKs plan
Dayton Business Journal
Anthem Insurance Companies board of directors has approved a demutualization plan, the Indianapolis-based health insurer said this morning.
Demutualization is the process of converting from a mutual insurance company to a publicly traded stock company.
Larry Glasscock, Anthem president, said the conversion should be completed by year's end if approved by Indiana state regulators and Anthem members, of which there are more than 300,000 in the Greater Dayton area.
"We are confident that conversion to a stock company will advance our efforts to provide access to high quality health care benefits and services through enhanced financial flexibility, access to capital and growth opportunities," Glasscock said.
Members with voting rights in Anthem's seven-state coverage area will receive detailed information and proxy cards in August. Glasscock said members would be compensated with cash or common stock.
Demutualization will not affect premiums or benefits, the company said.
Anthem, which owns Blue Cross and Blue Shield plans in eight states including Ohio, has more than 7.5 million customers. Its initial public offering likely would be among the largest ever in the health insurance business.
For more information on the company, go to http://www.anthem.com.
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