MIAMI (AP) -- State insurance officials will allow health insurance giant Florida Blue to restructure itself as a not-for-profit mutual insurance holding company. But the Office of Insurance Regulation's order prohibits Florida Blue from selling stock to investors outside of the group.
Company officials said Friday the restructure will help Florida Blue expand assets outside the insurance industry and get them to the market more quickly, hinting that the Jacksonville-based Florida Blue will likely be acquiring other companies.
Critics have warned the company could feel pressure to raise rates if it has to answer to outside stockholders. But CEO Pat Geraghty stressed the company has no intention of becoming a publicly traded company.
The Jacksonville-based Florida Blue is one of the state's largest employers and political donors.