Blue Cross Blue Shield sale to Anthem closes | CraigDailyPress.com

Blue Cross Blue Shield sale to Anthem closes

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Denver — The sale of the oldest and second-largest health insurer in Colorado has closed, making it a subsidiary of Indianapolis-based Anthem Insurance Cos. — The sale of the oldest and second-largest health insurer in Colorado has closed, making it a subsidiary of Indianapolis-based Anthem Insurance Cos.

— The sale of the oldest and second-largest health insurer in Colorado has closed, making it a subsidiary of Indianapolis-based Anthem Insurance Cos.

State regulators last week approved the sale of Blue Cross Blue Shield of Colorado to Anthem, which closed the sale Tuesday.

As part of the transaction, Anthem sent $155 million to Caring for Colorado, a quasi-public charitable foundation to help people obtain medical care.

Under state law, the fair market value of Blue Cross had to be set aside for the sale to be approved.

The sale process began nearly three years ago, when the nonprofit Blue Cross, losing money, sought to convert to a for-profit company. Blue Cross has about 400,000 members.

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After losing $57 million and 70,000 members, the company decided in March to give up efforts to remain independent and become a subsidiary of Anthem.