Appeals Court Upholds Maine Blue Valuation

NU Online News Service, Jan. 4, 4:03 p.m. – The Maine Bureau of Insurance says a Maine state appeals court has affirmed its decision to approve the acquisition of Blue Cross and Blue Shield of Maine by a unit of Anthem Inc., Indianapolis, in 2000.

Before the bureau approved the acquisition, it determined that the value of Maine Blue was $81.6 million, or about $185 for each of its 440,000 members. The Maine attorney general and Consumers for Affordable Health Care, Augusta, Maine, a nonprofit consumer group, appealed the approval, arguing that the valuation was too low.

Maine insurance regulators argued the valuation was low because Maine Blue was facing difficult business conditions.