Insurance Department Will Hold Public Hearings on Proposed Consolidation of Highmark, Independence ...(g Wall Street firm with an insuranceprac...),Health

Date:12/21/2007

g Wall Street firm with an insurance practice that has advised state regulators on three high profile Blue Cross Blue Shield transactions in recent years, including a 2005 New York sale of a converted Blue Plan to WellPoint, a transaction that was approved, and a 2003 Maryland conversion and 2004 Washington conversion that were both disapproved.

Wolf Block and Hangley Aronchick are Pennsylvania-based firms that have previously advised and represented various state agencies on a broad range of issues.

"With our financial and legal experts on board, we are ready to take a careful look at the impact this consolidation could have on market competition and the needs of the insurance-buying public," said Ario. "We'll also be assessing the proposed transaction against more specific standards addressing licensure, solvency, business plans and management experience."

The transaction applications, as well as the department's questions and numerous comment letters from interested parties, are available for review at http://www.insurance.state.pa.us and clicking on "Highmark/IBC Filing."

Interested parties who wish to offer a written comment may still do so by submitting their comments to: Robert Brackbill, Chief, Company Licensing Division, Insurance Department, 1345 Strawberry Square, Harrisburg, PA 17120, fax (717) 787-8557 or via e-mail at: rbrackbill@state.pa.us.

An index of all public comments and company responses to these comments is posted and periodically updated on the department's Web site.

CONTACT:

Rosanne Placey or

Melissa Fox

(717) 787-3289

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SOURCE Pennsylvania Department of Insurance Copyright©2007 PR Newswire. All rights reserved

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