Blue Cross Blue Shield withdraws its plan of sale

Blue Cross Blue Shield of Louisiana has withdrawn its plan of reorganization and sale.

Statement from John Ford, Louisiana Department of Insurance (LDI) Deputy Commissioner of Public Affairs, regarding Blue Cross and Blue Shield of Louisiana’s withdrawal of its Plan of Reorganization and the cancellation of the LDI hearing originally scheduled for today and tomorrow.

“Late yesterday evening, Blue Cross notified the LDI that it has chosen to withdraw its Plan of Reorganization. The hearing scheduled for today and tomorrow is therefore canceled, and I currently have no information regarding Blue Cross’ intentions moving forward. Any questions about why Blue Cross is withdrawing should be referred to BCBSLA.”

This is the second time that Blue Cross and Elevance Health have withdrawn their acquisition plans. The companies paused in September for more time to address policyholders’ concerns and resubmitted their plans in late December.

For more information about the proposed transaction that has now been withdrawn, please visit https://ldi.la.gov/public-hearing-and-rulemaking-notices.