BlueCross-Highmark merger off

January 21, 2009 3:04:18 PM PST
Highmark and Independence BlueCross have withdrawn their application to merge. The two companies submitted the request in 2007. The merger would have created the largest health insurer in the state and would have affected 73-percent of people with health insurance in Pennsylvania.

Both companies' CEOs released a statement saying they had well-documented the benefits of the merger but didn't believe it would be approved by the Pennsylvania Insurance Department based on the belief that it would impact fair competition.

Blue Cross was also not willing to lose its trade name if that was a requirement.