|August 12, 2004|
BlueCross of Tennessee Acquires Equity Position in USAble Life
CHATTANOOGA, Tenn. — BlueCross BlueShield of Tennessee has purchased a 10 percent ownership of USAble Life, Inc., an Arkansas-based life insurance company. The purchase is part of BlueCross’ on-going effort to better meet the needs of their customers, and to make one stop shopping for benefits a reality.
USAble is a 26-year-old company with more than $10.4 billion of insurance in force and is rated “A” by Standard & Poor and “A-” by A.M. Best.
The company offers a broad range of both group and individual insurance products, including life insurance, AD&D, short term and long term disability, cancer, heart & stroke, hospital indemnity, critical illness, and other services. These products will be distributed in Tennessee through Group Insurance Services (GIS), a wholly-owned subsidiary of BlueCross BlueShield of Tennessee.
“USAble will bring market responsive, highly competitive products to the marketplace and will provide Tennesseans with affordable insurance products. These leading edge benefit plans can be purchased through the same insurance brokers who already offer BlueCross BlueShield of Tennessee health insurance,” said Joan Harp, senior vice president and chief marketing officer. “This is part of our continuing effort to provide Tennesseans with the highest quality insurance products in the market.”
Harp will serve as a member of the 12-member USAble board.
USAble insures more than 650,000 individuals and is licensed in 48 states, plus the District of Columbia. The company’s headquarters is in Little Rock, Arkansas and it maintains regional offices in Nashville, Tenn., Ridgeland, Miss., and Chapel Hill, N.C.
BlueCross BlueShield of Tennessee's mission is to provide its customers and communities with peace of mind through affordable solutions for health and healing, life and living. Founded in 1945, the Chattanooga-based company is focused on reinventing the health plan for its 3 million members in Tennessee and across the country. Through its integrated health management approach, BlueCross provides patient-centric products and services that drive health improvement and positively impact health care quality and value. BlueCross BlueShield of Tennessee Inc. is an independent licensee of the BlueCross BlueShield Association. For more information, visit the company's website at www.bcbst.com.
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