Insurance

Fort Wayne church insurer plans to add 102 jobs

December 27, 2012
Brotherhood Mutual Insurance Co. expects to hire the employees by 2016 as part of a $15 million expansion that includes building a 54,395-square-foot facility at its headquarters.
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State expects to extend Healthy Indiana Plan a year

December 14, 2012
Associated Press
The Centers for Medicare and Medicaid Services agreed to a waiver that would allow the state to continue the program unchanged for a year.
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Actuarial firm plans expansion at Indy office

December 14, 2012
Milliman Inc. said it will add 26 jobs by 2017 and invest $2 million to install additional information technology equipment at its office in downtown's Chase Tower.
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WellPoint reaffirms 2012 earnings forecast

December 11, 2012
Associated Press
WellPoint Inc. is sticking with a 2012 earnings forecast that it had cut in July, and the nation's second-largest health insurer said it expects next year's earnings to be on par with this year's performance.
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Illinois company to hire 50 in Indy for Medicaid drug contract

December 3, 2012
J.K. Wall
Catamaran Corp. will add 50 jobs in Indianapolis over the next year to help it provide pharmacy-benefit-management services to the Indiana Medicaid program. The Illinois-based company will open an office downtown Tuesday to kick off its six-year, $60 million contract with the state.
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Feds clear WellPoint's $4.5B acquisition of Amerigroup

November 28, 2012
Associated Press
The government has dropped its antitrust concerns about health insurer WellPoint Inc.'s proposed acquisition of Amerigroup Corp., the Justice Department said Wednesday, clearing WellPoint to proceed with the $4.46 billion deal.
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Insurance software firm cutting 23 local jobs

November 28, 2012
Washington-based Vertafore Inc., a developer of insurance software, said it will begin layoffs at its Indianapolis office Jan. 31.
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SCHAFIR: Businesses face tough decisions over health careRestricted Content

November 24, 2012
Harlan Schafir / Special to IBJ
Now that the election is over, it seems clearer that the Patient Protection and Affordable Care Act, or Obamacare, will likely move forward. The question is whether business owners will be able to steer their employees to state exchanges and wash their hands of health care coverage.
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Insurance customer lawsuits dog CNORestricted Content

November 24, 2012
Chris O'Malley
CNO Financial Group appears to have wrapped its arms around the cost of settling a trio of consumer lawsuits involving life insurance rate hikes, but it’s not out of the woods yet.
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Analyst: WellPoint CEO search down to two

November 19, 2012
J.K. Wall
According to one Wall Street analyst, the search for a new CEO for Indianapolis-based health insurer WellPoint Inc. is down to two candidates: former Aetna Inc. CEO Ron Williams and Amerigroup Corp. CEO Jim Carlson.
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Pence solidifies opposition to state exchange

November 15, 2012
Associated Press
Indiana Gov.-elect Mike Pence closed the door on a state-run health insurance exchange Thursday, arguing that the estimated $50 million cost of the state program was not worth the limited autonomy granted in return.
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Pence not ruling out health partnership with feds

November 14, 2012
Associated Press
Indiana Gov.-elect Mike Pence has ruled out building a state-run health insurance exchange but appears to be leaving open the option of running a joint venture with the federal government as a critical decision deadline draws near.
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Small biz exposure clouds WellPoint's future

November 12, 2012
J.K. Wall
WellPoint’s average small-employer client has just 8.5 lives covered on its health plan. And firms of that size are far more likely to use the new health insurance exchanges, said WellPoint Chief Financial Officer Wayne DeVeydt.
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Health insurance stocks flop after Obama wins second term

November 8, 2012
Associated Press
Health insurance stocks sank deeper than the broader market Wednesday after President Barack Obama's re-election helped clarify the future of his health care overhaul, a sweeping law that some investors fear will pinch profits.
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Deal provides peek at Anthem's narrow networks

November 5, 2012
J.K. Wall
A new agreement in Wisconsin provides a glimpse of the kind of “narrow network” arrangements that Indianapolis-based Anthem Blue Cross and Blue Shield might attempt in Indiana.
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Baldwin & Lyons profits rise on fewer storm losses

November 1, 2012
Indianapolis-based Baldwin & Lyons Inc. continues to improve on its 2011 results, recording after-tax profit of $11.7 million, or 78 cents a share, for the third quarter.
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CNO Financial earnings fall on recapitalization charge

October 29, 2012
 IBJ Staff
Carmel-based CNO Financial Group on Monday reported a third-quarter loss of $5 million compared to a $179.5 million profit in the third quarter of 2011.
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Judge approves $90 million for Anthem plaintiffs

October 29, 2012
Kathleen McLaughlin
The settlement will go to 700,000 claimants in Indiana, Ohio, Kentucky and Connecticut, who said Anthem underpaid them when it converted in 2001 from policyholder ownership into publicly traded company WellPoint Inc.
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Amerigroup shareholders approve $4.9B sale to WellPoint

October 24, 2012
J.K. Wall
Shareholders of Amerigroup Corp. overwhelming approved the Virginia company’s sale for $4.9 billion to Indianapolis-based health insurer WellPoint Inc. in a vote on Tuesday. The vote clears the way for the acquisition to close before the end of the year.
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WellPoint reorganizes into four business units

October 11, 2012
Bloomberg News
Separate Medicare and Medicaid divisions each will sell plans for those government-backed insurance programs. Another will handle commercial and individual business, and a specialty unit will provide dental, vision and disability coverage.
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Longtime insurance agency acquired by local rivalRestricted Content

October 6, 2012
Property-casualty and employee benefits firm MJ Insurance buys Mead & Co., which dates to the 1860s.
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Wellpoint raises $1.35B in first convertible offering since '99

October 3, 2012
Indianapolis-based WellPoint Inc. sold its first convertible securities in more than 13 years with a $1.35 billion offering of 30-year bonds.
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Amerigroup delays vote on $4.9B WellPoint acquisition

October 3, 2012
Bloomberg News
Amerigroup Corp. officials agreed to delay a shareholder vote on WellPoint Inc.’s $4.9 billion buyout offer to resolve investors’ claims they were being shortchanged in the deal, the company said in a securities filing.
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WellPoint to add 100-plus local jobs for new Medicare contract

October 2, 2012
J.K. Wall
WellPoint Inc.’s National Government Services unit will add more than 100 jobs in Indianapolis beginning late this year or early next after the health insurance giant won a new contract with the federal Medicare program.
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Some hospitals, doctors might be cut from health plansRestricted Content

September 29, 2012
J.K. Wall
With health insurance premiums continuing to outstrip inflation, some health insurers and hospital systems are considering bringing back an old strategy: limiting patient access to a “narrow” network of doctors and hospitals.
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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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