Blue Cross and Blue Shield of North Carolina, Cambia Health Solutions
- Type of deal: "Strategic affiliation"
- Announcement date: March 12, 2019
- Close date: Pending, though the deal is currently in limbo
- Deal value: $16 billion in combined gross revenue
- Name of new company: The two will share management, administration and other corporate services under Cambia’s brand, but Blue Cross NC will maintain its own brand.
- Total number of employees of combined company: About 9,400
- Headquarters of combined company: Dual headquarters in Durham, North Carolina, and Portland, Oregon
- Leadership of combined company: Patrick Conway, M.D., CEO of Blue Cross NC, was slated to become CEO of Cambia; it's unclear what's next. Cambia CEO Mark Gantz will become the combined board chair, and the board will include representatives from both companies.
What's the latest? Don’t call it a merger—Cambia and Blue Cross NC sure aren’t—but these two large Blues insurers announced in March that they would enter a “strategic affiliation” with a shared corporate structure. The goal of only coming together at the top? To ensure local flexibility while building a combined investment base for innovation and technology.
The deal hit a major snag in September, however, when it was revealed that Conway had been charged with driving while intoxicated following a June car accident. Under pressure from state regulators, Cambia and Blue Cross NC announced that the affiliation talks were on pause to deal with the legal fallout.
Conway resigned from Blue Cross NC shortly after. Though neither company said the merger was off entirely, its future is unclear.