Insurance

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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WellPoint hires Chicago-based search firm to find CEO

September 25, 2012
Bloomberg News
Chicago-based recruiting firm Spencer Stuart & Associates Ltd. has previously led executive and board director hunts for companies including Facebook Inc., Comcast Corp., Talbots Inc. and Hewlett-Packard Co.
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OneAmerica unit using hybrid policies to grow long-term-care salesRestricted Content

September 22, 2012
Chris O'Malley
Using banks as a sales channel also boosts business in what has been a languishing product segment.
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WellPoint says CEO search to take three to six months

September 20, 2012
Bloomberg News
WellPoint is seeking a replacement for former CEO Angela Braly, who stepped down Aug. 28 amid shareholder discontent. The company plans to hire a search firm within the next week.
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High-deductible premiums rising, too

September 17, 2012
J.K. Wall
Since 2007, premiums for high-deductible health plans’ family coverage have grown 32 percent—compared with 30 percent among all health plans, according to survey data from the Kaiser Family Foundation.
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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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