NU Online News Service, Dec. 14, 4:03 p.m. – Horizon Blue Cross Blue Shield of New Jersey, Newark, a nonprofit health insurer, says its mangers are exploring the possibility of converting to a stock charter and selling stock to the public.
New Jersey approved a conversion law earlier this year. Under the law, before Horizon converted, it would have to contribute the full value of its assets to an independent health care foundation.
The foundation would “expand access to affordable, quality health care for underserved individuals and promote fundamental improvement in health status for all New Jersey citizens,” Horizon says.
Horizon is the largest health insurer in New Jersey. It covers 2.5 million people and has $4.9 billion in revenue.