Blue Cross and Blue Shield of Florida Inc. (Florida Blue) wants to revamp its corporate structure.
The nonprofit, policyholder-owned mutual insurer wants to become a stock company, NewCo Holding Company, that would be controlled by a new, policyholder-owned mutual insurance holding company.
Florida Blue also would form a new, nonprofit foundation, BCBSF Foundation Inc., and it would form a unit, BCBS of Florida Inc, doing business as Florida Blue, that would control company units such as National Institute for Health Care Management L.L.C., Capital Health Plan Inc., Health Intelligence Company L.L.C., and two investment funds, BCBS Ventures II Inc. and BCBS Ventures II L.P.
Florida Blue provides or administers health coverage for about 4 million people. It generated $217 million in net income for 2012 on $9.1 billion in revenue, compared with $219 million in net income on $8.3 billion in revenue for 2011.
Florida Blue has not talked about having any immediate plans to sell stock in the stock company to the public, according to J.P. Morgan Securities L.L.C., which prepared an opinion on the deal for the Florida Blue board.