HyltonNATIONAL COMMERCIAL Bank (NCB) and Blue Cross have signed an agreement to enter into an alliance, says Patrick Hylton, NCB group managing director.
This alliance is subject to approval by Jamaican regulators and the Blue Cross Blue Shield Association, he said. He was responding to the story in last week's Financial Gleaner which stated that NCB had acquired a controlling interest in Blue Cross.
According to NCB's corporate communications division, "On the eve of the 50th anniversary of Blue Cross of Jamaica, the organisation has maintained the leading position in the health insurance sector with approximately 70 per cent in market share.
AFFORDABLE PREMIUMS
Throughout its history, Blue Cross of Jamaica has made health insurance accessible to all Jamaicans by offering a wide range of products with affordable premiums, superior value and quality service. Through the Blue Card Programme, Jamaicans can access health care internationally."
NCB Insurance Company Limited, a wholly owned subsidiary of National Commercial Bank Jamaica Limited, has signalled its intention to acquire an interest in Blue Cross of Jamaica, by signing of a shareholders' agreement with Blue Cross of Jamaica and the Environment Health Foundation Limited. NCB Insurance would be the majority shareholder after the acquisition.
STRATEGIC PARTNERSHIP
As a result of this agreement, a strategic business partnership will be forged.
According to the chairman of Blue Cross of Jamaica, Dr. Henry Lowe, "The alliance of two strong Jamaican companies, Blue Cross of Jamaica and NCB Insurance Company Limited will further enhance the value and quality of products and services.
Blue Cross of Jamaica brings 50 years of expertise in health insurance and NCB Insurance Company Limited brings strong financial management and technology that will maximise service quality."
And chairman of NCBIC, Wayne Chen, said "There are valuable synergies between NCB Insurance Company Limited and Blue Cross of Jamaica, the largest health insurance company in Jamaica. As a result of this alliance a number of new strategic initiatives will be launched which are aimed at improving health care services."
Taken from the Financial Gleaner, Friday, November 4, 2005.
