Clear Spring Health is pleased to announce an agreement in principle to acquire and re-capitalize Community Care Alliance of Illinois, NFP out of rehabilitation. Once completed, this proposed agreement will ensure continuing coverage and service to all CCAI policyholders.
CSH is committed to a seamless ownership transition, ensuring members will be able to continue seeing their providers and specialists as normal and without disruption. Additionally, there will be no change in medical or prescription drug coverage and members can continue to fill prescriptions at participating pharmacies.
The proposed transaction will further CSH’s mission to provide superior service through innovative technology and steadfast commitment to its customers. CSH’s ultimate parent company, Group1001 has a proven track record of building profitable insurance companies that offer forward-thinking insurance products that are more useful, intuitive, and accessible for everyone.
“Bringing CCAI into our family of insurance brands is another milestone in our growth strategy, which looks to bring innovation into the marketplace with intuitive products that empower our customers and our communities. Ensuring continued service with a smooth transition is our priority,” said Arthur Carlos, President & CEO of Clear Spring Health.
Under the proposed agreement, CCAI will continue to operate out of its current location.
The transaction is pending approval with Illinois regulators and the supervising Circuit Court. Under an Agreed Order of Rehabilitation against CCAI, Robert H. Muriel, Acting Director of the Illinois Department of Insurance, was affirmed as statutory and court-affirmed rehabilitator (“Illinois Department of Insurance”) of CCAI and its parent Family Health Network.
Date: April 08, 2019